Tether (USDT), the world’s biggest stablecoin, is currently in the middle of a major downtrend with its price recently dipping below $0.95. At the time of writing this article, USDT is currently sitting at $0.96.
This recent trend is beyond alarming since the dollar-pegged currency doesn’t normally drop below $0.98. When it did appear in the red, it would quickly rebind to the $1 mark again (which is not the case this time).
Tether has become the lowest-performing asset among the top 10 coins. Meanwhile, Bitcoin (BTC) has recently spiked to $7,500 on Bitfinex with Tether’s recent volatility allegedly being behind this rally.