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.
I am so confused. Seriously, I look at your history, and you are not a shill. How do you keep making this claim with such a straight face?
You mentioned you trust coinmarketcap. So here is the graph from coinmarketcap
And, just to make sure I am not dreaming or woke up in a twilight zone, here is the graph from Yahoo Finance and from FTX.com
If you are still going to persist that it was 0.9973 everywhere else, you will need to provide your source. If you continue arguing without providing your data source I will have no choice but to assume you are maliciously shilling on this thread. Please consider this a warning.
And apparently coinmarketcap as of today now is too, it was not yesterday, it was a graph that showed the average price of all exchanges. There is a setting for this somewhere… the “base exchange” the front end uses to display graphs and values… but can’t find that setting any longer either.
Check Binance, kraken, any other big exchange’s usdt/usd graph on that day and you’ll see it did not go down that low anywhere else.
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.
I am so confused. Seriously, I look at your history, and you are not a shill. How do you keep making this claim with such a straight face?
You mentioned you trust coinmarketcap. So here is the graph from coinmarketcap
And, just to make sure I am not dreaming or woke up in a twilight zone, here is the graph from Yahoo Finance and from FTX.com
If you are still going to persist that it was 0.9973 everywhere else, you will need to provide your source. If you continue arguing without providing your data source I will have no choice but to assume you are maliciously shilling on this thread. Please consider this a warning.
The graph on ftx is graphing coinbase’s market
And apparently coinmarketcap as of today now is too, it was not yesterday, it was a graph that showed the average price of all exchanges. There is a setting for this somewhere… the “base exchange” the front end uses to display graphs and values… but can’t find that setting any longer either.
Check Binance, kraken, any other big exchange’s usdt/usd graph on that day and you’ll see it did not go down that low anywhere else.