RATE Group | Solely 318 Addresses Hold Almost All of Tether’s Cryptocurrency Circulation
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Solely 318 Addresses Hold Almost All of Tether’s Cryptocurrency Circulation

09 Aug Solely 318 Addresses Hold Almost All of Tether’s Cryptocurrency Circulation

Posted at 16:46h in Cryptocurrency News by

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Tether USDT Dubious

According to a report by the cryptocurrency research firm Coin Metrics and reported by Bloomberg, the large Bitcoin whales including crypto exchanges such as the Malta-based Binance and Hong Kong-based Bitfinex, own almost a fifth of the largest cryptocurrency, Tether (USDT).

The report also showed only 318 addresses own almost $1 million worth (almost 80%) of all Tether digital coins, the token that serves as a channel for trading in many of the world’s largest cryptocurrency exchanges (including in AllStocks crypto exchange). The major holders of Tether include brokers that deal with high-frequency traders and Chinese investors.

According to the finance professor John Griffin, the cryptocurrency space is very concentrated, with USDT being controlled by only a few people. He said that regardless of Bitcoin(BTC)trade being fairly distributed among its users, it is a possibility for the whales to alter the Bitcoin price if they wish so. It also shows that several cryptocurrency…

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