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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

Tether (USDT) Q1 Trading Volume Plunges To $5.3 Trillion In Quarterly Low

Christian Encila
Christian Encila
3 years ago
2 mins read
Tether

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With the chaotic phase that the crypto market is going through, Tether (USDT) trading volume in Q1 of 2022 plunged lower compared to the same quarter of last year. The total Tether transaction for the first quarter of 2022 is 26,454.

Even though the bearish trend has seen many investors turning to stablecoins, the interest of investors for USDT remains a bit controlled.

Tether is dubbed to be a stable crypto because unlike Bitcoin, Tether is pegged with the US dollar which means it retains a consistent value over time. It’s a go-to or preferred altcoin especially for investors who have a low risk appetite.

Suggested Reading | What’s In A Name? Ethereum Domain Name Sales Climb 2,300%

What Is Tether?

Tether is a stablecoin which is far more consistent or stable compared to other cryptocurrencies like the two popular BTC and ETH because it’s backed by fiat money. This means Tether has actual US dollars that act as collateral. It basically has the same value as the USD.

Stablecoins act as a middle ground and provide liquidity in an extremely risky and volatile environment allowing crypto to be regarded as a store of value and less than a risky undertaking.

USDT total market cap at $82.28 billion on the weekend chart | Source: TradingView.com

The most popular stablecoins are Tether, USD Coin, and Gemini Dollar which all share the same characteristics backed by US dollars. On the other hand, other stablecoins are backed by silver, gold, and other fiat currencies like yen and euro.

USDT Trading Volume Plummets

Tether’s trading volume went down in the first quarter at $5.3 trillion. Compared to the trading volume of January to March 2021 of 2021, there was a marked reduction of trading volume by as much as 46% or roughly around $9.9 trillion.

Overall, the crypto trading volume has plummeted which also seems to have triggered the dip in Tether trading volume in Q1.

Suggested Reading | Bitcoin Briefly Tops $40,000 As More Countries Adopt Crypto

Price Action Analysis

To analyze the impact of Tether transactions going down on Tether trading volume, it is important to compare the USDT trading volume in the quarter 1 of 2021 to 2022.

January 2021 USDT trading volume is at $3.4 trillion which is higher compared to this year’s Q1 trading volume that registered at $1.8 trillion.

Meanwhile, March 2021 USDT trading volume is at $2.7 trillion which is a bit higher compared to 2022 trading volume in the same month at 1.9 trillion.

January 1, 2022 trading price for USDT is at $1 and it closed quarter 1 at $1. Tether is definitely as stable as it can get; literally.

Featured image from Shutterstock, chart from TradingView.com
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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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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.

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Reason to trust

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The highest standards in reporting and publishing
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