Tether, a reserve-backed stablecoin which is supposed to be pegged 1:1 to the US dollar, dropped to as low as 95 cents earlier in the global session, according to Coin Market Cap price data.Tether, a reserve-backed stablecoin which is supposed to be pegged 1:1 to the US dollar, dropped to as low as 95 cents earlier in the global session, according to Coin Market Cap price data.
Tether, a reserve-backed stablecoin which is supposed to be pegged 1:1 to the US dollar, dropped to as low as 95 cents earlier in the global session, according to Coin Market Cap price data.Despite the volatility, US Treasury Secretary Janet Yellen said stablecoins like Tether and Terra USD do not yet pose a systemic risk to the financial system.
Bitcoin’s correlation with the Nasdaq composite has been on the rise recently and is now up near its all time highest level, based on Refinitiv data.Ether, the world’s second-largest cryptocurrency, fell to its lowest since June 2021, sinking as low as $1,700. On Thursday, Terra developers halted the network’s blockchain to prevent attacks following the collapse of its algorithmic stablecoin and the related Luna token. The Terra blockchain, however, has since restarted.Even stable coins backed by traditional assets were showing signs of stress on Thursday.
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