Bitcoin (BTC) and Tether (USDT) Saw Their Trading Volumes Surge in March

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Tue, 03/26/2019 - 10:49
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Alex Dovbnya
🌰🚀Tether (USDT), despite numerous controversies surrounding the project, saw its volumes skyrocketing in March
Bitcoin (BTC) and Tether (USDT) Saw Their Trading Volumes Surge in March
Cover image via U.Today
Contents

Tether (USDT), the flagship stablecoin, registered record-breaking trading volumes in March. While Bitcoin (BTC) experienced the same surge in trading, it’s not necessarily good news after the explosive Bitwise report.     

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A historic record

On March 10, Tether’s trading volumes recorded a new historic maximum of $10 bln. The controversial dollar-pegged stablecoin, which many believe doesn’t have enough fiat reserves to back its token, saw this trend continuing throughout the whole month.   

March was also quite a success for Bitcoin – the number one cryptocurrency returned to its April numbers in terms of trading volumes with $11 bln. At the time, the BTC price was sitting at $9,750.

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Trading volumes hoax

Most probably, the study doesn’t take into account the most recent findings in the Bitwise Management report, which suggests that up to 95 percent of the total Bitcoin trading volume is artificially created by fraudulent exchanges. Earlier, U.Today also revealed what mechanisms different exchanges use to inflate their numbers.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.