NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Tether Continues Tear as its Daily Crypto Transactions Reach Record Levels

Samuel Wan
Samuel Wan
5 years ago
3 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Controversial crypto stablecoin Tether continues at full speed ahead as recent data shows its daily transactions are the highest they have ever been.

A recent Reddit post shows Tether reached 208,107 daily transactions on May 25th, 2020, which equated to $1.2 billion in value.

crypto stablecoin Tether peaks in daily transactions
Source: reddit.com

What’s more, daily transactions have been in an ascending channel, following a dip in February 2020, as characterized by higher lows since then. And having broken previous resistance set in September 2019, of around 190k daily transactions, it looks set to continue on this path.

However, at present there’s still an overhanging court case being heard at the New York Supreme Court. Prosecutors allege that Tether Limited, in conjunction with its sister company, crypto exchange Bitfinex colluded to mint and issue as much as $900 million in unbacked funds.

But despite that, as well as vocal and blunt criticisms from prominent figures within the crypto community, Tether continues to go from strength to strength.

Constant Criticisms of Tether are not Going Away

According to Tether’s own whitepaper, Tether crypto tokens are 1:1 backed with fiat currency, which, in this case is the USD.

“In order to maintain accountability and to ensure stability in exchange price, we propose a method to maintain a one ­to ­one reserve ratio between a cryptocurrency token, called tethers, and its associated real ­world asset, fiat currency.”

In fact, the entire basis for crypto stablecoins is supposed to center around equivalence, as the pegged commodities are redeemable on demand.

But with Tether’s successful stay with the New York Supreme Court, in which they won a motion to avoid handing over documents relevant to the running of the operation, as well its guarded accounting practices, accusations that the firm does not hold matching USD reserves will not go away.

With that, noted analyst, Peter Brandt recently likened Tether to a “Nigerian Trinket,” saying even a short term holding of the controversial stablecoin flys in the face of common sense.

Brandt then went on to dispel rumors that holding Tether will shake the IRS in its pursuit of tax dodgers, as well as calling into question the legitimacy of the entire Tether/Bitfinex corporate set up.

Tether. Now that is an interesting story. Holding tether is about as safe as holding the Nigerian Trinket. I think people are fools for holding wealth — even overnight — in tether. It is a joke when ppl condemn USD as fiat, yet hold tether.

— Peter Brandt (@PeterLBrandt) April 29, 2020

Tether Becomes Third Largest Crypto by Market Cap

All the same, in spite of this, the market can’t seem to get enough Tether. Just last week, USDT rose the CoinMarketCap rankings to flip XRP as the third-largest by market cap.

It was the second time, in as many months, that this happened. Currently, Tether’s market cap exceeds that of XRP by some $200 million, meaning XRP has every chance of retaking third in the near future.

crypto rankings by market cap
Source: coinmarketcap.com

However, yesterday’s record daily transfer count shows that Tether demand is not dying down at any time soon, which could be problematic considering some say its existence is detrimental to the crypto space.

@Joe_Saz claimed that Tether shenanigans have already interfered with Bitcoin’s natural price discovery, in effect holding BTC back from cracking resistance at the $10k level.

Ok so 10k was the top. We won't break it until a bottomis in and it'll take months to establish that due to massive price discovery mutilation caused by inorganic market elements like tether

— Joe Saz (@Joe_Saz) May 23, 2020

Taking all of this into account, the question then becomes, why is USDT much more popular than its next nearest rival, Coinbase’s USDC?

Tweet123Share196ShareSend
Samuel Wan
Samuel Wan

Samuel Wan

Samuel Wan is passionate about different cultures and eating good food. He has years of experience working in business and finance — a burgeoning interest in Bitcoin and cryptocurrencies since 2017. UK based.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

Bitcoin

Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

On Wednesday afternoon, Bitcoin (BTC) surged to a remarkable all-time high (ATH) of $112,022, breaking free from its previous consolidation...

Ronaldo Marquez 3 hours ago
Bitcoin

Last Crash Before The Surge: Why Bitcoin Is Set To Drop Below $107,000

A new analysis shows that Bitcoin (BTC) may be on the verge of a calculated price crash that could take...

Scott Matherson 3 hours ago
Dogecoin price news

Dogecoin To $3.94 This Cycle? This Chart Says It’s No Meme

In a monthly chart shared on July 8, crypto analyst Kevin (@Kev_Capital_TA) outlined a long-term bullish thesis for Dogecoin (DOGE),...

Jake Simmons 5 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

Bitcoin Price Attempts a Comeback

Bitcoin Breakout Alert — Price Turns Green as Bulls Step In

Aayush Jindal 19 minutes ago
Bitcoin 30-Day Average Funding Rate Drops – Bullish Setup Takes Shape

Bitcoin 30-Day Average Funding Rate Drops – Bullish Setup Takes Shape

Sebastian Villafuerte 36 minutes ago
Bitcoin vs Ethereum

Bitcoin Moving With Stocks, But Ethereum’s Correlation Is Fading

Keshav Verma 2 hours ago

Premium Sponsors

Press Releases

  • Ripple XRP Investors Making $10,9700 Per Day with This...

    37 minutes ago
  • 仮想通貨プレセール|次世代ビットコイン拡張プロジェクトが200万ドル目前、投資家が続々と参加中

    ...

    11 hours ago
  • 仮想通貨おすすめ|ビットコインが過去最高値に迫る中、ETFが70万トークンを保有

    ...

    12 hours ago
  • 新しい仮想通貨が160万ドルを調達──過剰な宣伝を避ける注目のミーム系ボット登場

    ...

    12 hours ago
  • 仮想通貨おすすめ|ビットコインが10万8,000ドル突破、2025年7月に注目の17銘柄

    ...

    12 hours ago

Newsletter

Be the first to get the latest important crypto news & events to your inbox.

  • This field is for validation purposes and should be left unchanged.

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.