RATE Group | Nearly Every Past Tether Burn Led a Bitcoin Crash. It Just Happened Again
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Nearly Every Past Tether Burn Led a Bitcoin Crash. It Just Happened Again

22 Apr Nearly Every Past Tether Burn Led a Bitcoin Crash. It Just Happened Again

Posted at 23:57h in Bitcoin News by

Aside from Bitcoin, the most talked-about cryptocurrency over the past few weeks has seemingly been Tether.

The fourth-largest cryptocurrency by market capitalization, the stablecoin, which trades on markets as USDT, has become increasingly important to the crypto market. So much so that just the other day, data shared by Unfolded suggested that Tether’s market capitalization hit $7 billion, or approximately 3.4% of the entire industry’s value.

It appears that growth is slowing, though. In fact, Whale Alert, a Twitter bot tracking large Bitcoin and other cryptocurrency transactions, recently revealed that $220 million worth of the cryptocurrency was burned by The Tether Treasury’s wallet.

Paolo Ardoino, the CTO of Tether and Bitfinex, corroborated the burn, explaining in a tweet that the company…

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