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The entire cryptocurrency landscape is still new in the history of financial markets. Therefore, it\u2019s difficult for anyone to predict where each coin will be in the coming years. There\u2019s no doubt the bulls are out in force and with the global economy under extreme pressure, good reason to believe this will continue. Being that it\u2019s Hong Kong based, and US-Sino relations are far from perfect right now, there\u2019s a good chance an alternative stablecoin could become the token of choice. Plus, many central banks are in the process of developing their own form of cryptocurrency. The stability helps reduce the uncertainty of cryptocurrencies across the board.<\/p>\n
Another reason for heightened USDT activity in Asia is a practice called shadow banking, which is commonplace. So, the activity from this area of the market could be another driving force behind the inflated Tether volume. Chinese citizens can\u2019t legally buy Bitcoin, so they have to use cloak and dagger tactics. The usual state of play is to use a VPN to set up a crypto trading account. They then use Yuan to buy USDT, being pegged to the USD gives them a good rate of exchange. This is then traded with Bitcoin, which can then be used directly for offshore purchases. After analysing the flow of Tether through the system, the paper concluded that the distribution of Tether into the market was from a large player rather than widely dispersed interest.<\/p>\n
Its value still stands at almost double where it started the year, and its price is 640 per cent up on this time last year. Around $260bn (\u00a3190bn) was wiped from the cryptocurrency market in total, but it is now starting to recover. It has climbed back to around $53,000 (\u00a338,000) on Monday, as investors aimed to capitalise on last week\u2019s dip. News and resources on digital currencies, crypto assets and crypto exchanges worldwide.<\/p>\n