Why is Tether USDT always recording high trading volume?
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Answer Why is Tether USDT always recording high trading volume?
Observer of the cryptocurrency market At the moment, it is noted that the volume of tether trading in the last 24 hours exceeds most of the volumes of other cryptocurrency exchanges.
Looking at the coinmarketcap website, we find that the USDT traded volume in 24 hours is estimated at $17.8 billion.
It is followed by the volume of Bitcoin trading, which in the last 24 hours recorded 15.2 billion dollars.
In this topic we will try to answer:
The reason why Tether USDT has consistently recorded a high trading volume and is even outperforming Bitcoin.
Among the main reasons for this is China’s ban on the direct trading of its cash for cryptocurrencies
Read:Bitcoin price up 5800% since Warren Buffett said it was useless!
This means that most Chinese investors are heading for Tether.
In this regard, Mr. Alexander Buck, co-founder of Dragonflight Capital Partners, said:
“Cryptocurrency exchanges were banned from accessing banking services in China, but that did not stop them from thriving.”
Where traders generally work to overcome restrictions by turning to the proposed solutions, as Chinese traders do by trading the currency of Tether instead of the yuan.
Coinmarketcap recorded a total market capitalization of Tether, which exceeded $4 billion.
Tether is used extensively in both Hyobi and Binance by 40-80%, controlling most of the activities and transactions based on it.
Also according to a Chinese cryptocurrency trader who spoke to source On condition of anonymity, he stated the following:
“Tether has a strong presence in China, and among its most important uses in China is trading against cryptocurrencies.”
It is also used by many merchants as a means of dealing and foreign trade exchange.”
Tether is also among the most important currencies that traders resort to to keep the value of their crypto holdings
Especially in cases of market downturn as is currently happening.
Read:The “Stacking” BNB coin is now available on the Binance Demo Blockchain
Tether is preparing to launch a fixed digital currency for the Chinese and is directly linked to China’s currency (Chinese yuan):
Tether is preparing to launch a new stable digital currency pegged to the Chinese yuan
Read also:
A cybersecurity analyst finds a flaw related to the digital dollar “Tether”
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