Crypto Catch: Is Tether’s collapse imminent now?

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 Crypto Catch: Is Tether’s collapse imminent now?
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Highlights

  • Stablecoin, Tether’s market cap has continued to plummet, losing another US$1 billion, falling from US$75.6 billion to US$74.1 billion in the last 24 hours
  • One popular analyst, Crypto Whale, took to Twitter on Wednesday, saying tether’s crash will exceed last week’s UST crisis by a thousand times

Stablecoin, Tether’s market cap has continued to plummet, losing another US$1 billion, falling from US$75.6 billion to US$74.1 billion in the last 24 hours.

The drastic fall has led many crypto analysts to believe that a collapse of Tether is now imminent.

One popular analyst, Crypto Whale, took to Twitter on Wednesday, saying tether’s crash will exceed last week’s UST crisis by a thousand times.

The dire predictions come a week after Terra Luna and Terra UST collapsed, losing billions of dollars in a matter of hours.

Also Read: 3 top DeFi projects to explore in second half of 2022

One week after terra’s algorithmic stablecoin collapsed, tether’s market capitalisation dropped from about US$83 billion on 11 May to around US$76 billion on Tuesday.

Meanwhile, Bitcoin continues its horror run, falling five per cent from yesterday, and currently sits at US$29,000.

Ethereum, on the other hand, saw an even bigger drop, falling seven per cent in the past 24 hours, to sit at US$1,94.

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Data Source: CoinMarketCap.com, based on top 100 cryptos.

Note: Growth from the 24 hours prior to 12:30pm AEDT

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