On the morning of 15 October, the exchange rate of the cryptocurrency has soared due to massive sales stablon Tether (USDT). Bitcoin and Ethereum rose sharply by 10%, then the price has corrected by 5% and remains stable.
Recently there were rumors about a possible fraud on the part of the creators of cryptocurrency Tether, if the data is confirmed, it will lead to the delisting of tokens USDT with major cryptocurrency exchanges, including Binance. Among the traders there was panic, they hurried to get rid of your coins Tether, purchasing other digital assets, which caused a pump rate of BTC and ETH on almost all exchanges. It is important to note that the positive dynamics is of a temporary nature and is likely to play out.
Market stable cryptocurrency has become more competitive: in March, a blockchain startup Trust Token issued coins TrueUsdand exchange Gemini in September introduced its own version of stablon - Gemini dollar (GUSD). Apparently, domination Tether came to an end, the company has still not passed the audit and has not confirmed the presence of dollars in the Bank account. Investors prefer a reliable start-UPS, with a completely transparent financial reporting, and this is understandable!
Main rivals USDT considered GUSD and electronic dollar from the company Paxos - Paxos Standard (PAX). Release of both cryptocurrencies were approved by the Finance Department of new York, moreover, the turnover of these assets following public authorities and guarantee consumer protection.</p>
Stabilini have several benefits compared to Fiat currencies, however, many experts believe that they can provoke a high level of volatility leading cryptocurrency. Stable digital assets to simplify the trading process, therefore, attract the new traders, which in turn leads to an increase in trading volume and, accordingly, fluctuations of prices. Is it good or bad, only time will tell, keep an eye on developments.