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USDT Also Deppeged From 1-1 (0.9642): Potential Crash Imminent

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Today is one of the first time USDT depegged from USD since 2017 and this might be related to LUNA and UST crash from past few days.

See the chart below, it didn't crash to these level since 4/26/2017, and right now is in free fall.

Usdt history
Usdt history

In the image below we can see how is currently in free fall.

Free fall USDT price
Free fall USDT price

COPYRIGHT_BUG: Published on https://www.bugbog.com/usdt-crash-20220512/ by Velma Battle on 2022-05-12T07:21:35.891Z

Why Is It Crashing?

Crashing was awaited for long time because tether is being printed at will without being backed up by USD.

See below what other adhesive_wombat from hackernews is saying right now:

The fact that they've been minting billions of tether without collateral should make it abundantly obvious that this isn't a stablecoin and never had been. Anyone can pretend to have a peg in the good times, that doesn't mean there's really a peg or that the peg will remain in bad times. And if you can't count on the peg in bad times, it's not a stablecoin. If you've been honestly working on the assumption that it is, then you deserve to lose your (real) money to some crypto VCs on an island somewhere.

Some tweet from yesterday asking an interesting question:

USDT collapse
USDT collapse

If this happens could crash BTC price further down.

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About The Authors

Velma Battle

Velma Battle - Travelling Expert

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