Tether (USDT), the largest stablecoin by market valuation, is consistently holding on to its 4th rank on CoinMarketCap for the fourth day now. Bitcoin Cash (BCH), which was at No 4 on CoinMarketCap (CMC) before Tether, is at the 5th place now amid a bearish market.
BCH’s Loss Becomes Tether’s Gain
BCH’s fall began on Sept 23, when it fell from $308 to $293. Sept 24 saw a further plunge in BCH’s price to $216. It was also marked by a sharp drop in the cryptocurrency’s market cap, which went from 5.28 billion on the previous day to $4 billion. BCH not only lost over $1 billion in market cap but also its long-held rank 5 on CMC.
BCH’s loss became Tether’s gain as USDT gained the 4th position on CMC with its market cap of $4.13 billion, thereby reinforcing its position as the top stablecoin in the crypto market. The stablecoin, backed by the US dollar in a 1:1 ratio has enjoyed rank 4 above BCH for 4 straight days now.
BCH’s price and market cap have been on a downtrend since Sept 23. At press time, BCH’s price stands at $211.29, down 1.6% in the last 24 hours. Its market cap has also nosedived below the $4 billion marks and currently stands at $3.89 billion.
USDT’s market cap currently stands at $4.13 billion. Its 24-hour trading volume has been recorded $21.1 billion.
Paolo Ardoino, Chief Technology Officer at Tether, said –
“The market has decided… As the chosen stablecoin in crypto, Tether is by far the biggest, most trusted and liquid. The fact that it has today claimed fourth place in the market is indicative of this.”
BitFinex Safe For Now Over the Case of Tether’s Missing Funds
Bitfinex, the exchange accused by the New York Attorney General (NYAG) of having misappropriated Tether’s funds to cover up “missing funds”, secure a motion from the court. The implication of this development is that iFinex, the parent company of both BitFinex and Tether, will not have to produce any additional documents in the court, at least for now.
However, this is not the end of the case. iFinex has been granted time until November 4 by the court to “perfect its appeal”.
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Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Follow him on Twitter at @KoinKing1 or connect with me on linkedin.