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    Tether’s price rose above $1.004

    Abstract:Tether (USDT), the oldest and most popular stablecoin, diverged significantly from its peg to the U.S. dollar during bitcoin’s (BTC) recent price drop.
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      Tether (USDT), the oldest and most popular stablecoin, diverged significantly from its peg to the U.S. dollar during bitcoins (BTC) recent price drop.

      But rather than seeing the move as a defect of the stablecoin, whose market cap stands at $52 billion, some analysts and exchange executives say the “tether premium” shows the tokens growing use as a safe-haven asset in almost-anything-can-happen-at-anytime cryptocurrency markets.

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      “During a crash, traders will race to sell their bitcoin in exchange for tether, which is similar to the U.S. dollar in that it is recognized as a temporary safe haven amidst extreme price volatility,” Kaiko, a blockchain data analytics firm, wrote in an April 19 newsletter. “A sudden increase in buying pressure for tether often has the effect of causing positive drift from the stablecoins one-to-one peg.”

      Yet tether‘s market value has more than doubled from about $20 billion at the start of the year, a sign of traders’ growing embrace of the stablecoins convenience and efficiency as the de facto form of cash in cryptocurrency markets.

      Tether‘s price rose above $1.004 as bitcoin started falling early Sunday. That was tether’s highest level since March 2020, when the likely economic damaged from the coronavirus and related documents first became apparent, triggering a sell-off in a broad range of assets from stocks to cryptocurrencies.

      ☆ What's moving BTC and other cryptocurrency price? Check latest financial market news, trading tips and expert advice on WikiFX.

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