Finance News
By Dan Saada
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Reportedly, Chinese retail buyers are buying the dip by making use of the stablecoin Tether.
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It just looks like the Chinese traders were motivated by the price drop of Bitcoin (BTC) and this led to a new demand for Bitcoin.
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It is important to note that under normal trading conditions, the value of Tether would depreciate versus Yuan.
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Chinese traders use the stable coin as the on ramp to the crypto markets. This is because, the practice of trading directly using government-issued currencies is banned in…
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It just looks like several Chinese investors who have very little exposure to Bitcoin are now looking for newer channels to buy bitcoin.
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Tether recently tweeted: Tether now has a $35B market cap. Tether added an additional $14B to its market cap since January 2021.
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While so many things are happening, a beginner asked: Tether is a stable coin indexed to the dollar, so even if its volume increases, its price cannot change, right?
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Someone who profited stated, Wow! I bought USDT at $0.995 and I'm already in profits at $1.003.
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Reportedly, as part of the settlement, Bitfinex and Tether have agreed to pay $18.5 million in penalties to the state of New York, according to a statement from New York Attorney…
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Thus, Crypto firms Bitfinex and Tether are settling with the New York Attorney General's (NYAG's) office, ending a legal dispute that began in mid-2019.
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