Fresh Tether [USDT] tokens worth $50 million inflow crypto market 20885
News
Ashmita Dutta
Aug 13, 2018 at 1:15 PM

Newly issued Tether [USDT] tokens have yet again flowed into the crypto market space on 11th August, 2018 with a total valuation of $50 million. The news of this release has been first informed by the source named OmniExplorer. Previously, in the last phase of March, the company had again issued Tether [USDT] tokens at a rate of $1 having a worth 300 million.

See also: Binance CEO shares how Tether can impact the crypto exchange

In the context of highest volumes of trading, Tether occupies the second position, immediately after Bitcoin [BTC]. The current trading volume of Tether in the last 24 hours is marked at $4.43billion and Bitcoin [BTC] is being traded at $6.04 billion.

Tether [USDT] : Market Capitalisation

The market capitalisation of Tether [USDT] has experienced a considerable loss of $300 million in the entire month.  Its market cap in mid-July was present at a level of $2.7 billion. However, at present, the Coinmarketcap suggests that the market cap has gone down to $2.4 billion incurring a loss of nearly $300 million. The price of Bitcoin [BTC] has been in a fluctuating mode since after a sudden upsurge of $300 million on 11th August, the valuation again declined and currently it is marked at $6327.

See also: Litecoin [LTC] and Stellar Lumens [XLM] breach major support levels, Tether [USDT] unscathed by crypto market crash: Technical analyses and Latest Updates   

Tether enjoys the maximum share in Bitfinex exchange which according to the CoinMarketCap ranking, is placed seventh among all other crypto exchanges. However, both the companies, Tether and Bitfinex have been accused on the grounds of transparency deficit. Tether has not yet submitted to the public audit despite the Tether [USDT] tokens being supported by U.S. dollars.

Again in June, Tether has been criticised on the basis of a study report referring to the company’s involvement in manipulation of the Bitcoin price, last year. As per the released report, the pattern followed by Tether in conducting the transaction was basically, “used to provide price support and manipulate cryptocurrency prices.”

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