You mean it dropped 0.0023% off the dollar. Look at the coinmarketcap chart and the price at the bottom.. $0.9927
Which btw is totally normal… usdt has depegged down to 93 cents before. The lowest in it’s history.
And it only happens when there is so much volume exiting crypto faster than they can re-supply the exchanges, it also can happen in reverse. When so many are entering crypto faster than they can supply.
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.
You mean it dropped 0.0023% off the dollar. Look at the coinmarketcap chart and the price at the bottom.. $0.9927
Which btw is totally normal… usdt has depegged down to 93 cents before. The lowest in it’s history.
And it only happens when there is so much volume exiting crypto faster than they can re-supply the exchanges, it also can happen in reverse. When so many are entering crypto faster than they can supply.
No, I am referring to the drop to 0.94 on may 12th.
In 2016. You mean to say they hadn't slipped up their scam in 6 years ?
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.