Tether Tanks as Traders ‘Lose Trust,’ Other Cryptos See Price Boost

Monday, Oct. 15: Crypto markets are seeing solid growth, with virtually all of the major cryptocurrencies seeing green as of press time. An outlier in the space is “stablecoin” Tether (USDT), which has today lost its U.S. dollar peg and is trading well below its historical trading range as of press time.

Monday, Oct. 15: Crypto markets are seeing solid growth, with virtually all of the major cryptocurrencies seeing green as of press time. An outlier in the space is “stablecoin” Tether (USDT), which has today lost its U.S. dollar peg and is trading well below its historical trading range as of press time.

Tether is currently trading at around $0.96, down about 3.05 percent on the day, according to CoinMarketCap.

Although reasons for the USDT price plunge are not confirmed, there have been reports of an alleged loss of market trust leading to a possible sell-off: yesterday, a Bloomberg article suggested that investors are “losing faith” because of the ongoing lack of transparency surrounding Tether’s claims to be backed one-to-one by the US dollar.

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