Tether Inflows to Exchanges Reach $2.72 Billion During Bitcoin Price Drop
Last week, Bitcoin price experienced a significant drop, nearing $91,000 due to US trade war concerns, impacting the broader market negatively.
Investor Behavior During Market Decline
- Centralized exchanges recorded high inflows of Tether (USDT), reaching over $2.72 billion on Ethereum.
- Investors sought stability and collateral to manage margin calls amid the price decline.
- Traders capitalized on the crash as a buy-the-dip opportunity.
- Bitcoin has stabilized within the $95,000 to $100,000 range post-crash.
Tether's Expanding Market Role
- Tether and USDC are increasingly important for funding crypto purchases.
- Tether announced a $775 million investment in video-sharing platform Rumble, diversifying its portfolio.
- The company plans to relocate its headquarters to El Salvador to enhance its influence in the crypto-friendly environment.