What is happening with the crypto market? Bitfinex market analysts shared with Cointelegraph en Español their views on the matter.
“The extreme volatility that we have witnessed in the cryptocurrency market in the last 24 hours shows how nascent the technology is,” they said.
“Terra Luna’s capitulation and the issues we are seeing with Terra’s UST algorithmic stablecoin are part of the growing pains of a space where innovation charts a course at a frenetic pace,” they later added.
However, they later noted: “The real story of the day is the relatively strong performance of the three major cryptocurrencies, Bitcoin, Ethereum, and Tether (USDT) tokens. The trinity stands strong, demonstrating the strength and resilience of a digital token ecosystem that will define this entire decade.”
(Image: BTC Price)
(Image: ETH Price)
Is Tether faltering?
Recently, Cointelegraph en Español reported that The stablecoin Tether (USDT) showed signs of strain as the USDT/USD pair traded below $0.99 on major exchanges. Tether and Bitfinex CTO Paulo Ardoino took to Twitter to assure USDT holders that more than 300 million UDST tokens had been converted to their $1 price in the last 24 hours.
Cointelegraph reached out to Ardoino to find out if there was cause for concern in USDT’s ability to maintain its $1 peg in light of recent events. Ardoino highlighted that USDT has maintained its stability and, among other things, said:
“Tether continues to process conversions as normal amid some expected panic in the market after yesterday’s trading. Despite this, Tether has not and will not reject conversions for any of its customers, which has always been its practice.” “.
(Image: Tether Price)
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