The crypto market witnessed one of the steepest falls in recent years. The bloodbath has led leading cryptocurrency Bitcoin Cash(BCH) to slip to the 5th place on CoinMarketCap. It has been replaced by stablecoin Tether(USDT).
Crypto Market Takes A Steep Downturn
Bitcoin [BCH] Cash, Bitcoin SV, and EOS fell the most among the top ten cryptocurrencies. BCH has dropped more than 22% to test lows near $220. According to leading chart analyst, Peter Brandt, the plunge could go deeper.
He suggested a break-out from the bearish head and shoulders pattern on a daily scale in BCH/USD. The formation of the pattern has been panned out from about five months.
Tether(USDT) Records Unprecedented Trade Volume
Notably, most top altcoins followed a similar pattern of rising and fall. They have moved together in tandem this year. Hence, a drastic drop in the price of one of the top altcoins could act as a catalyst for others as well. However, it looks like the case of one’s loss is other’s gain.
Tether has time and again been used as a hedge option for cryptocurrency investors, especially amidst sharp pullbacks and corrections. In the midst of the bloodbath, investors flocked in high numbers to Tether to secure their crypto assets, leading to a huge spike in huge volume of the stablecoin.
Are Good Times Coming For Tether (USDT)?
The NYAG’s office had filed a complaint in April of this year and alleged that Bitfinex raided Tether reserves in an attempt to cover losses of approximately $900 million to Crypto Capital, the matter being a payment processor with connections to the exchange QuadrigaCX which was involved in an exit scam.