EDUSELL
Financial Market Examiner
Midas Crypto Vault
  • Home
  • Education
  • Forex News
  • Crypto News
  • Stocks
  • Reviews
No Result
View All Result
  • Home
  • Education
  • Forex News
  • Crypto News
  • Stocks
  • Reviews
No Result
View All Result
Financial Market Examiner
No Result
View All Result
Home Crypto News

Major Stablecoins Weakens As Market Volatility And Redemptions Surge

Admin by Admin
November 11, 2022
in Crypto News
0
Major Stablecoins Weakens As Market Volatility And Redemptions Surge
0
SHARES
1
VIEWS
Share on FacebookShare on Twitter
Event Event

Nearly all major stablecoins lost their dollar pegs amid the FTX saga, but most have recovered again as markets stabilize.

Plunging cryptocurrency prices are not the only consequence of this week’s FTX-induced crypto contagion.

Significant market volatility this week induced by the collapse of the FTX exchange has impacted stablecoins with many of them de-pegging temporarily. Nearly all leading stablecoins have experienced some level of peg volatility this week.

The world’s dominant stablecoin, Tether, USDT $1.00 temporarily declined to $0.97 on Nov. 10 as redemptions surpassed $600 million over the past two days.

Circle’s USDC has not been immune from the volatility either as redemptions topped $1 billion. The stablecoin fell to $0.977 very briefly yesterday but rapidly regained its peg.

TrueUSD redemptions barely surpassed $1 million,but that didn’t prevent a de-pegging to $0.98 yesterday. The Paxos USDP stablecoin dropped as low as $0.96 as redemptions hit $100 million.

There was some volatility for the Binance stablecoin, BUSD, on the Gemini exchange resulting in a brief dip to $0.98.

Tron’s algorithmic USDD stablecoin is still way off its peg, currently trading at $0.973. It fell as low as $0.952 yesterday at peak volatility.

Concerns over the collateral backing the stablecoin are rising as Tron’s TRX token, which is used to redeem USDD, has tanked 12% since the beginning of the week. Justin Sun also accused FTX and Alameda of shorting USDD.

At the time of writing, most major stablecoins including USDC, BUSD, USDP, GUSD, and TUSD had returned to their dollar peg, meaning market participants fearing another Terra-type stablecoin collapse can breathe easy again for now.

Markets have recovered marginally from yesterday’s rout with a 5% gain in total capitalization which was back over $900 billion once again.

Share on TwitterTweet
Share on Pinterest Share
Share on LinkedIn Share
Share on Digg Share
Tags: CryptoStablecoins
Institutional Trading Concept Institutional Trading Concept Institutional Trading Concept
ADVERTISEMENT
Previous Post

FTX Explores Avenue To Raise $ 9.4 Billion

Next Post

BlockFi Halts Withdrawals As FTX Contagion Spreads

Admin

Admin

Next Post
BlockFi Plans To Return All Customer Funds

BlockFi Halts Withdrawals As FTX Contagion Spreads

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected

  • 99 Subscribers
  • Trending
  • Comments
  • Latest
yen and dollar

FOREX-Yen Flirts With Intervention Level As Dollar See Gains

October 11, 2022
AUD USD pair

Forex: AUD/USD Point To More Downside For The Aussie

October 20, 2022
Mayowa Owolabi on battles traders need to fight

Battle Every Trader Must Fight (Part 1)- Mayowa Owolabi

August 31, 2022
Axie Infinity price

Axie Infinity Price Eyes 25% Gains Ahead of the Token Unlock

April 21, 2023
XAGUSD pair

XAG/USD Climbs to Mid-$19.00s

4
Premier League Considering Partnership With NFT Crypto Platform

Premier League considering partnership with NFT crypto platform

2
EUR/USD pair

EUR/USD Recovers from 20-year Lows

2
Binance Refocuses Efforts For Belgian Clients

Binance Proof-Of-Reserve Pledge Earns Support Following FTX Crisis

2
Is Terra Co-Founder Do Kwon Coming To US? SEC Files Motion In Court

Is Terra Co-Founder Do Kwon Coming To US? SEC Files Motion In Court

September 23, 2023
XRP Holder’s Lawyer Finally Breaks Silence On His 3 Big Announcements

XRP Price Prediction: Is This Bear Flag Pattern A Threat To Ripple’s Victory Party Rally?

September 22, 2023
Cryptocurrency Misuse Cases In Latin America

Cryptocurrency Misuse Cases In Latin America

September 22, 2023
TopHash Aims To Simplify Cloud Mining Access

TopHash Aims To Simplify Cloud Mining Access

September 22, 2023

Recent News

Is Terra Co-Founder Do Kwon Coming To US? SEC Files Motion In Court

Is Terra Co-Founder Do Kwon Coming To US? SEC Files Motion In Court

September 23, 2023
XRP Holder’s Lawyer Finally Breaks Silence On His 3 Big Announcements

XRP Price Prediction: Is This Bear Flag Pattern A Threat To Ripple’s Victory Party Rally?

September 22, 2023
Cryptocurrency Misuse Cases In Latin America

Cryptocurrency Misuse Cases In Latin America

September 22, 2023
TopHash Aims To Simplify Cloud Mining Access

TopHash Aims To Simplify Cloud Mining Access

September 22, 2023
Financial Market Examiner

Get all the latest Financial Market (Crypto & Forex) news, updates and other relevant resources here.

Follow Us

Browse by Category

  • Crypto News
  • Education
  • Entertainment
  • Forex News
  • Gaming
  • Review
  • Reviews
  • Stocks
  • Uncategorized

Recent News

Is Terra Co-Founder Do Kwon Coming To US? SEC Files Motion In Court

Is Terra Co-Founder Do Kwon Coming To US? SEC Files Motion In Court

September 23, 2023
XRP Holder’s Lawyer Finally Breaks Silence On His 3 Big Announcements

XRP Price Prediction: Is This Bear Flag Pattern A Threat To Ripple’s Victory Party Rally?

September 22, 2023

© 2022 Financial Market Examiner. - Designed by Mayconcept Solutions.

No Result
View All Result
  • Home
  • Education
  • Forex News
  • Crypto News
  • Stocks
  • Reviews

© 2022 Financial Market Examiner. - Designed by Mayconcept Solutions.

?>