Tether (USDT) Still Showing Weakness - I'd Get Out of Tether While You Still Can
Tether (USDT) is still showing increased weakness and is now trading at an over 4.1% discount on Binance to their own stablecoin True USD (TUSD).
This is on the heals of the news that Tether partner Bitfinex has suspended fiat withdrawals as questions to their solvency have surfaced with the apparent troubles of their Puerto Rican partner Noble Bank.
They are of course denying rumors there is anything to worry about with the below blog post:
http://blog.bitfinex.com/announcements/response-to-online-rumours/
In light of further rumours, we’d like to take this chance to address a few allegations head on:
- Bitfinex is not insolvent, and a constant stream of Medium articles claiming otherwise is not going to change this. As one of only a very few exchanges operating since 2013, with a small team and low operating costs, we do not entirely understand the arguments that purport to show us to be insolvent without providing any explanation about why. The wallets below represent a small fraction of Bitfinex cryptocurrency holdings and do not take into account fiat holdings of any kind.
- Both fiat and cryptocurrency withdrawals are functioning as normal. Verified Bitfinex users can freely withdraw Euros, Japanese Yen, Pounds Sterling and U.S. Dollars. Complications continue to exist for us in the domain of fiat transactions, as they do for most cryptocurrency-related organisations. However, we continue to do our utmost to minimise any waiting times associated with fiat deposits and withdrawals.
- Stories and allegations currently circulating mentioning an entity called Noble Bank have no impact on our operations, survivability, or solvency.
Nothing short of a full independent audit of Tether should ever convince anyone that Tether is safe and won't bring down Bitfinex should it fail since the two are tied together at the hip.
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ffs!!! You can “buy” real CAD and USD on Kraken — and btc is cheap there! Why would anyone hold tether!
Dude, it hit a high of $1.24 last night!!! If I was awake I would have traded that. Its still at $1.09 right now!
Freakin’ nuts! It’s all just getting started agian...
Thanks for the heads up. That's quite a discount and the market might be telling us something here. I've had Tether as one of my top (remaining) risks for the crypto market since late 2017.
I think its getting closer to your prediction.
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Maybe tether will get down btc and bring the apex of this crypto winter. E what i don't get, if their partner bank is insolvent, how can they keep up fiat transactions?
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As USDT is going down they're leaving by their traders, TUSD is now booming and currently having some 99% trading fee discount on their newly added exchange.