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Tether Falls Against Dollar as Crypto Selloff Deepens

By Geoffrey Smith AiVIF.com -- The world's biggest stablecoin fell below its notional peg of 1:1 against the dollar on Thursday as the global selloff in cryptocurrencies...
Tether Falls Against Dollar as Crypto Selloff Deepens © Jakub Porzycki via Reuters Connect

By Geoffrey Smith

AiVIF.com -- The world's biggest stablecoin fell below its notional peg of 1:1 against the dollar on Thursday as the global selloff in cryptocurrencies deepened.

By 2:55 AM ET (0655 GMT), Tether was trading at 97.25 cents, over 2.5% below its peg. 

There was no immediately obvious explanation as to why investors would be prepared to sell their Tethers at a discount. However, the crypto space has been shocked in the last couple of days by the collapse of TerraUSD, the world's third-largest stablecoin, and the LUNA token that is connected to it.

In contrast to TerraUSD, Tether owner and issuer, the Bitfinex crypto exchange, has always argued that Tether is completely backed by dollar reserves. TerraUSD's value, by contrast, is ultimately backed by a reserve composed largely of Bitcoin, which has slumped to a 17-month low this week.

Tether is most widely used as a vehicle for parking funds as crypto enthusiasts switch their holdings between various digital currencies. It has a market capitalization of over $80 billion and is by far the largest of the world's stablecoins, despite losing market share to USD Coin and, in recent months, TerraUSD.

Global financial regulators have expressed concern in the past that stablecoins, which are an essential part of the global cryptocurrency universe, may not be able to honor their promises of constant asset value. A May 2021 report issued by Bitfinex showed that only 2.9% of Tether was actually backed by cash, while nearly half its reserve was backed by commercial paper.

That report came three months after Tether settled a dispute with the New York Attorney General's office over the composition of its reserves. New York Attorney General Letitia James said at the time, "Tether’s claims that its virtual currency was fully backed by U.S. dollars at all times was a lie."

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24-05-2022 01:09:05 (UTC+7)

EUR/USD

1.0682

+0.0122 (+1.16%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (1)

Sell (7)

EUR/USD

1.0682

+0.0122 (+1.16%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (1)

Sell (7)

GBP/USD

1.2569

+0.0082 (+0.66%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (9)

USD/JPY

127.83

-0.01 (-0.01%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (10)

Sell (1)

AUD/USD

0.7102

+0.0069 (+0.98%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (8)

Sell (0)

USD/CAD

1.2787

-0.0050 (-0.39%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (7)

EUR/JPY

136.55

+1.54 (+1.14%)

Summary

↑ Sell

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (1)

Sell (8)

EUR/CHF

1.0322

+0.0026 (+0.25%)

Summary

Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (2)

Sell (4)

Gold Futures

1,852.80

+10.70 (+0.58%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

Silver Futures

21.803

+0.129 (+0.60%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (10)

Sell (0)

Copper Futures

4.3370

+0.0620 (+1.45%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (9)

Sell (0)

Crude Oil WTI Futures

110.14

-0.14 (-0.13%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (8)

Sell (0)

Brent Oil Futures

110.50

+0.51 (+0.46%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

Natural Gas Futures

8.750

+0.572 (+6.99%)

Summary

Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (4)

Sell (3)

US Coffee C Futures

215.58

-0.27 (-0.13%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (1)

Euro Stoxx 50

3,708.39

+51.36 (+1.40%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (6)

Sell (0)

S&P 500

3,972.10

+70.74 (+1.81%)

Summary

Sell

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (1)

Sell (7)

DAX

14,175.40

+193.49 (+1.38%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

FTSE 100

7,513.44

+123.46 (+1.67%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (1)

Hang Seng

20,470.06

-247.18 (-1.19%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (3)

Sell (4)

US Small Cap 2000

1,793.90

+25.55 (+1.44%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (1)

IBEX 35

8,625.80

+141.30 (+1.67%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (6)

Sell (0)

BASF SE NA O.N.

49.735

+0.885 (+1.81%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

Bayer AG NA

64.47

+0.73 (+1.15%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (8)

Sell (0)

Allianz SE VNA O.N.

199.38

+3.80 (+1.94%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (1)

Adidas AG

175.48

+2.68 (+1.55%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

Deutsche Lufthansa AG

6.903

+0.051 (+0.74%)

Summary

Neutral

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (2)

Sell (3)

Siemens AG Class N

116.70

+1.62 (+1.41%)

Summary

↑ Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (7)

Sell (1)

Deutsche Bank AG

10.018

+0.656 (+7.01%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

 EUR/USD1.0682↑ Sell
 GBP/USD1.2569↑ Sell
 USD/JPY127.83↑ Buy
 AUD/USD0.7102↑ Buy
 USD/CAD1.2787↑ Sell
 EUR/JPY136.55↑ Sell
 EUR/CHF1.0322Sell
 Gold1,852.80↑ Buy
 Silver21.803↑ Buy
 Copper4.3370↑ Buy
 Crude Oil WTI110.14↑ Buy
 Brent Oil110.50↑ Buy
 Natural Gas8.750Buy
 US Coffee C215.58↑ Buy
 Euro Stoxx 503,708.39↑ Buy
 S&P 5003,972.10Sell
 DAX14,175.40↑ Buy
 FTSE 1007,513.44↑ Buy
 Hang Seng20,470.06Neutral
 Small Cap 20001,793.90↑ Buy
 IBEX 358,625.80↑ Buy
 BASF49.735↑ Buy
 Bayer64.47↑ Buy
 Allianz199.38↑ Buy
 Adidas175.48↑ Buy
 Lufthansa6.903Neutral
 Siemens AG116.70↑ Buy
 Deutsche Bank AG10.018↑ Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,890/ 6,990
(0/ 0) # 1,765
SJC HCM6,905/ 6,995
(0/ 0) # 1,769
SJC Hanoi6,905/ 6,997
(0/ 0) # 1,771
SJC Danang6,905/ 6,997
(0/ 0) # 1,771
SJC Nhatrang6,905/ 6,997
(0/ 0) # 1,771
SJC Cantho6,905/ 6,997
(0/ 0) # 1,771
Cập nhật 24-05-2022 01:09:07
Xem lịch sử giá vàng SJC: nhấn đây!
ↀ Giá vàng thế giới
$1,853.81+7.990.43%
Live 24 hour Gold Chart
ʘ Giá bán lẻ xăng dầu
Sản phẩmVùng 1Vùng 2
RON 95-V31.25031.870
RON 95-III30.65031.260
E5 RON 92-II29.63030.220
DO 0.05S25.55026.060
DO 0,001S-V26.35026.870
Dầu hỏa 2-K24.40024.880
ↂ Giá dầu thô thế giới
WTI$109.89+0.640.58%
Brent$112.81+0.170.15%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD23.005,0023.315,00
EUR23.899,8625.238,69
GBP28.277,1029.483,51
JPY176,47186,83
KRW15,8019,25
Cập nhật lúc 18:52:02 23/05/2022
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