No Result
View All Result
Monday, February 6, 2023
  • Login
LiveBetPro - Soccer Betting Tips, Crypto Casino, Crypo Exchanger
  • Home
  • Crypto Casinos
    • Best Cryptocurrency Casinos
  • Bookmakers
    • Top Online Bookmakers 2023
  • Exchanges
    • Best Cryptocurrency Exchanges
    • Best Crypto Derivatives Exchanges [2023]
    • 9 Best Bitcoin Exchanges
    • Bybit Review
    • Binance Review 2023
    • Coinbase Review [2023]
    • Gate.io Exchange Review [2023]
    • KuCoin Review 2023
    • BitYard Review [2023]
  • Scripts Bots
    • Seuntjies DiceBot
  • Betting Tips
  • Promotions
  • Contact Us
No Result
View All Result
  • Home
  • Crypto Casinos
    • Best Cryptocurrency Casinos
  • Bookmakers
    • Top Online Bookmakers 2023
  • Exchanges
    • Best Cryptocurrency Exchanges
    • Best Crypto Derivatives Exchanges [2023]
    • 9 Best Bitcoin Exchanges
    • Bybit Review
    • Binance Review 2023
    • Coinbase Review [2023]
    • Gate.io Exchange Review [2023]
    • KuCoin Review 2023
    • BitYard Review [2023]
  • Scripts Bots
    • Seuntjies DiceBot
  • Betting Tips
  • Promotions
  • Contact Us
No Result
View All Result
LiveBetPro - Soccer Betting Tips, Crypto Casino, Crypo Exchanger
No Result
View All Result
Home Crypto

Tether calls thesis behind USDT short-selling ‘flat out wrong’

LiveBetPro by LiveBetPro
August 1, 2022
in Crypto
0
Tether (USDT)
189
SHARES
1.5k
VIEWS

(Cointelegraph Team)

Tether said the hedge funds that saw Terra’s collapse as a reason to short USDT have “a fundamental misunderstanding of both the cryptocurrency market and Tether.”

Tether, the issuer of Tether (USDT), says that hedge funds that attempted to short its stablecoin after Terra’s collapse in May are using a thesis that is “incredibly misinformed” and “flat out wrong.” 

In a blog post from July 28, Tether pointed to a June 28 Wall Street Journal podcast in which host Luke Vargas and guest Caitlin McCabe discussed the bearish crypto market and concerns over Tether’s backing assets as the reasons for short sellers’ appetite for Tether.

Related articles

crypto

Here’s why India held on to older crypto reforms in the national budget 2023

February 2, 2023
BitcoinEthereumRipple

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Crypto rally built on house of cards, collapse imminent

February 1, 2023

Tether said that the hedge funds, which saw Terra’s collapse as a reason to short USDT, have “a fundamental misunderstanding of both the cryptocurrency market and Tether.

The simple fact that hedge funds view Terra’s collapse as a constructive thesis to short USDT represents the asymmetric knowledge gap between cryptocurrency market participants and entities in the traditional finance space.”

In early May, UST lost its peg in dramatic fashion and pulled down the price of Terra ecosystem’s native token LUNA – now known as LUNC – to fractions of a cent from over $60.

In that time, Tether experienced a 21% drop in market cap since May 11 from $85.3 billion, though it is still the largest stablecoin in the crypto market today with a $65.8 billion market cap according to CoinGecko.

In late June, Tether chief technology officer Paolo Ardoino confirmed that USDT had become the subject of a “coordinated attack” by hedge funds looking to short-sell the crypto asset. 

He alleged that hedge funds have been trying to create pressure “in the billions” to “harm Tether liquidity” with the aim of eventually buying back tokens at a much lower price.

Tether in its most recent blog post noted that several misconceptions about its holdings have been the basis of this short-selling movement — including Tether holding significant Chinese commercial paper or Evergrande debt, that USDT is created “from thin air,” or that Tether has issued unsecured loans.

In short, the underlying thesis of this trade is incredibly misinformed and flat-out wrong. It is further supported by a blind belief in what borders on outright conspiracy theories about Tether.

In a separate post the previous day, Tether attempted to reaffirm the strength of its financial backing and ability to honor redemptions, reiterating that it holds no Chinese commercial paper and had cut its total holdings of commercial paper by 88% from $30 billion to $3.7 billion over the past year.

It added that commercial paper holdings would be as low as $300 million by the end of August, and it will hold zero commercial paper by early November.

The week that the UST fiasco started, USDT depegged briefly on the open market to a low of about $0.96 as investors dumped tokens either for fiat through direct redemptions or for other tokens, such as competitor USD Coin (USDC). However, Tether continued to honor fiat redemptions of $1 per token through that period.

Its last financial disclosure on March 31 revealed that 85.64% of Tether’s financial backing is in cash and cash equivalents, including commercial paper.

Read $200M BitGet BTC-USDT protection fund hints at investor-centric trend

Post Views: 122

Related posts:

EthereumEthereum LitecoinLitecoin faucetpay-siteFaucetpay Microwallet Review [2022] – Scam or legit? earn-free-bitcoins-daily-without-investment-2022How can I get free bitcoin without investment [2022]? AdaSwap, a Cardano Ecosystem Builder All Set For Launch of Public TestnetAdaSwap, a Cardano Ecosystem Builder All Set For Launch of Public Testnet FXStreetWhy this pennant breakout matters for ApeCoin traders Crypto ATM Installations Worldwide Witness a 32% DeclineAustralian central bank governor favors private sector crypto technology Crypto-WalletsCrypto’s full swing recovery
Tags: TetherUSDTUSDT short-selling flat out wrong

Related Posts

crypto

Here’s why India held on to older crypto reforms in the national budget 2023

by LiveBetPro
February 2, 2023
1

(Cointelegraph Team) Cryptocurrency and blockchain technology found no mention in India’s union budget for the year 2023, bringing down the...

BitcoinEthereumRipple

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Crypto rally built on house of cards, collapse imminent

by LiveBetPro
February 1, 2023
2

(Akash Girimath - FXStreet) - Bitcoin price is likely to pull back to the $21,250 support level as bulls exhaust...

crypto

ARK makes coinbase buy as coin jumps 20% on-week

by LiveBetPro
February 1, 2023
0

(CoinDesk Analysis Team) Tech investor Cathie Wood has made her first purchase of the year of Coinbase (COIN) stock. According...

Ethereum

Ethereum Shanghai hard fork and token unlock: A complete guide to unstaking ETH

by LiveBetPro
January 11, 2023
0

(Ekta Mourya - FXStreet) - Ethereum Shanghai Hard Fork’s activation in March 2023 will be closely followed by a token...

Litecoin

LTC/USD – Forecasting the wave (five) within the second dimension correlation

by LiveBetPro
January 11, 2023
1

(Elliott Wave Forecast Team) One of the well-known facts of the market is correlations between instruments. However, that rule does...

Load More
  • Trending
  • Comments
  • Latest
freebitco-Multiply BTC

Freebitco Review – Discover Multiple Ways To Earn Free Bitcoins

June 4, 2022
earn-free-bitcoins-daily-without-investment-2022

How can I get free bitcoin without investment [2022]?

July 2, 2022
Are-Your-Investments-Safe-with-Crypto-Trading-Bots

Are Your Investments Safe with Crypto Trading Bots?

June 8, 2022
faucet-main

What Are Crypto Faucets ?

May 23, 2022
bitcoin

Bitcoin

115
Ethereum

Ethereum

57
How-To-Use-Crypto-Online-Gambling-Websites

How To Use Crypto Online Gambling Websites

44
8-Tips-On-How-To-Make-Money-Sports-Betting

8 Tips On How To Make Money Sports Betting

44
bitcoin

Bitcoin Weekly Forecast: Nonfarm Payrolls on the radar after Powell’s speech propels BTC higher

February 3, 2023
bitcoin

Bitcoin bulls must reclaim these 2 levels as the ‘death cross’ still looms

February 3, 2023
bitcoin

Bitcoin, S&P 500 close in on bullish ‘golden cross’ signal

February 2, 2023
crypto

Here’s why India held on to older crypto reforms in the national budget 2023

February 2, 2023

Connect with LiveBetPro.com

telegram twitter

Now online

livebetpro

Livebetpro Information

Address: Ho Chi Minh City, Vietnam, 70000

Contact Us:

– Skype: fxvnpro
– Email:
livebetpro@gmail.com
admin@livebetpro.com

Payment Methods

– Webmoney
– Perfect Money
– Skrill
– Neteller
– Bank Wire
– Bitcoin

Disclamers

Any promotions, reviews, and other information in the website are just for the information purpose only.

There is no invitation or encouragement to invest in Casinos, Bettings, Cryptocurrencies and so on. We disclaim liability for any loss resulting from the use of information contained on this website.

The published comments are private opinions or feedback of the users. Livebetpro is not responsible for any information on the website.

Risk Warning

Please be aware of your investment into bettings/casinos/cryptos which is high risk and not suitable for everyone.

Recent Posts

  • Bitcoin Weekly Forecast: Nonfarm Payrolls on the radar after Powell’s speech propels BTC higher
  • Bitcoin bulls must reclaim these 2 levels as the ‘death cross’ still looms
  • Bitcoin, S&P 500 close in on bullish ‘golden cross’ signal
  • Here’s why India held on to older crypto reforms in the national budget 2023
  • Bitcoin UTXOs older than five years surged during bear market
  • If Ethereum withdrawals are enabled today $1.5 billion in ETH would be on the move, here’s why this matters
  • Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Crypto rally built on house of cards, collapse imminent
  • ARK makes coinbase buy as coin jumps 20% on-week
  • Ethereum Shanghai hard fork and token unlock: A complete guide to unstaking ETH
  • LTC/USD – Forecasting the wave (five) within the second dimension correlation

Categories

  • Affiliate Programs
  • Betting Tips
  • Bitcoin
  • Blockchain
  • Blockchain Gaming
  • Crypto
  • Crypto Casinos
  • crypto lending platform
  • Crypto Mining
  • Crypto Trading
  • Crypto Trading Bots
  • Crypto Wallets
  • Cryptocurrency Price analysis and Prediction
  • DeFi
  • Earn Free Crypto
  • Ethereum
  • Exchanges
  • Faucets
  • Investment News
  • NFT
  • Promotions
  • Ripple
  • Scripts Bots
  • sport betting
  • USDT
  • Web3
  • XRP
  • About
  • FAQ
  • Contact Us

© 2022 by LiveBetPro.

No Result
View All Result
  • Contact Us
  • Homepages

© 2022 by LiveBetPro.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Warning: array_sum() expects parameter 1 to be array, null given in /home/betbonus/livebetpro.com/wp-content/plugins/jnews-social-share/class.jnews-social-background-process.php on line 111