I am not sure which alternate universe you are residing in, but in this one, as shown in the graph in this post, it did. However, just to break it down here it is again: https://i.imgur.com/P5e3550.png
Read this article, it explains in detail how it was only Coinbase effected and other exchanges saw usdt actually go slightly above $1 at the same time.
This happens briefly sometimes and is completely normal.
Usdt is not guaranteed to always be EXACTLY $1 at the exchanges, turbulent markets can cause temporary instability.
Tether guarantees a $1 redemption rate for all usdt tokens for those who want to redeem them for dollars. Most people don’t bother since exchanges like Coinbase let you “sell” usdt for usd. <—- this is the part that causes the markets to generally maintain an exact $1 cost per usdt… no special algorithm necessary.
The tether (USDT) stablecoin snapped to 97 cents in Asian hours, losing its parity with the U.S. dollar at writing time. It slumped to as low as 96 cents on Coinbase.
So you are squabbling over 96 on coinbase vs 97 everywhere else.
And no this is not normal. Go back and find when it last de-pegged by more than 3%. IIRC, it was 6 years ago.
I know for some people, they dont want to hear their precious cryptos are anything but perfection and might be worthless. I own crypto as well, but it's purely a hedge but I am pretty sure they will crash at some point.
You sir don’t know a thing about crypto. This is a SINGLE exchange… lol… the average price across the entire world and all exchanges was not less than 0.9927.
CoinMarketCap is your friend… one exchange doesn’t at all signal a problem with the peg… it instead just means that the order book (user count) for that moment at that exchange was low.
It did not dip to 94 cents on the 12th… or anytime in the past 3 years.
I am not sure which alternate universe you are residing in, but in this one, as shown in the graph in this post, it did. However, just to break it down here it is again: https://i.imgur.com/P5e3550.png
and if you still dont believe it, here is a video covering it: https://www.youtube.com/watch?v=sLaV7KV9Wwk
https://www.coindesk.com/markets/2022/05/12/tether-loses-1-peg-bitcoin-drops-to-2020-levels-of-near-24k/
Read this article, it explains in detail how it was only Coinbase effected and other exchanges saw usdt actually go slightly above $1 at the same time.
This happens briefly sometimes and is completely normal.
Usdt is not guaranteed to always be EXACTLY $1 at the exchanges, turbulent markets can cause temporary instability.
Tether guarantees a $1 redemption rate for all usdt tokens for those who want to redeem them for dollars. Most people don’t bother since exchanges like Coinbase let you “sell” usdt for usd. <—- this is the part that causes the markets to generally maintain an exact $1 cost per usdt… no special algorithm necessary.
So you are squabbling over 96 on coinbase vs 97 everywhere else.
And no this is not normal. Go back and find when it last de-pegged by more than 3%. IIRC, it was 6 years ago.
I know for some people, they dont want to hear their precious cryptos are anything but perfection and might be worthless. I own crypto as well, but it's purely a hedge but I am pretty sure they will crash at some point.
No I’m squabbling on 96 on Coinbase vs 0.9973 everywhere else
The OP makes the thread to spark fear and fud that doesn’t exist. The usdt didn’t depeg globally more than 0.0027% from $1.
You sir don’t know a thing about crypto. This is a SINGLE exchange… lol… the average price across the entire world and all exchanges was not less than 0.9927.
CoinMarketCap is your friend… one exchange doesn’t at all signal a problem with the peg… it instead just means that the order book (user count) for that moment at that exchange was low.
Point to data, get told I dont know anything, kek.
Okay, tell me how often this gets depegged by more than 4%, even on a single exchange.
It happens every single time there is extreme volatility in the market. It’s a order book problem, NOT a liquidity issue.
And like I said before, it is normal for a single exchange to depeg slightly off either above or below $1… it is unavoidable.