Price
Lowering demand eventually weakened support and brought the price lower, to the 6600 level, which showed a hike in volumes and, for now, holds the price. The fundamental background stays rather empty, which is the main reason for lowering demand. In view of the desaturated news background, SEC relations with BTC ETF applications stay the main lever which symbolizes relationships of cryptocurrency markets with institutional investors… Tether problems took second place, and it is still unclear how big a problem it is. It is worth saying that rapid development and adoption of new stablecoins sounds like a threat to the past monopoly of Tether, it already looks too risky to hold value in Tether.
Today forecast
Today most probable trading diapason: 6450 - 6800.
Latest news
Lowering demand eventually weakened support and brought the price lower, to the 6600 level, which showed a hike in volumes and, for now, holds the price. The fundamental background stays rather empty, which is the main reason for lowering demand. In view of the desaturated news background, SEC relations with BTC ETF applications stay the main lever which symbolizes relationships of cryptocurrency markets with institutional investors… Tether problems took second place, and it is still unclear how big a problem it is. It is worth saying that rapid development and adoption of new stablecoins sounds like a threat to the past monopoly of Tether, it already looks too risky to hold value in Tether.
Today forecast
Today most probable trading diapason: 6450 - 6800.
Latest news
- Binance adds new stablecoins, still planning to support Tether
The most important factor for stablecoins stability is as wide as possible support. So, if cryptocurrency exchange adds new stablecoin, a potential replacement for Tether, it sounds like a concern.
CoinDesk reports:
Binance, the largest cryptocurrency exchange, is considering the possibility of adding new stablecoins in addition to the three already presented on the platform.
"We hope to be able to list a few more stablecoins on our platform," chief financial officer Wei Zhou told CoinDesk Thursday.
At the same time, he noted, the new initiative does not mean the loss by the company of confidence in the most popular stablecoin Tether (USDT). Which has not yet restored parity with the US dollar and is currently trading at around $ 0.98.
"As a whole, we believe things will even out. We will continue to support USDT," Wei said.
Binance began to show interest in the stablecoins even before the latest dramatic events around Tether. So, at the end of September, the largest exchange in terms of trading volume added support for Paxos Standard (PAX). Also, in May TrueUSD (TUSD) was added to the Binance listing.
Wei also said that the Binance research team is currently analyzing almost all of the stablecoins on the market. At the same time, he said, the high probability that the next one in the listing of the exchange will be Winklevoss brothers Gemini Dollar (GUSD).
Note that the above-mentioned “new stablebcoins” also lost parity with the US dollar. However, unlike the USDT, they all trade slightly above $ 1.
Returning to Tether, Wei emphasized the significance of this coin:
"We do believe this stablecoin, as an entity, is critical for our ecosystem right now because it offers an alternative for investors to park their assets in something they can relate to."
This week, Binance had to suspend the possibility of withdrawing USDT, the volatility of which increased abnormally against the background of the massive sales of this coin. According to Wei, the panic was caused by the “spreading false rumors” about Tether.
