Featured image from iStock, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
The Bitcoin and crypto markets are deep in the red today. Even though the US Federal Reserve announced the hoped-for interest rate pause yesterday, the release of the updated dot plot was a nasty surprise for the financial markets. The Fed revealed in its updated dot plot that it sees the average terminal interest rate at 5.6% instead of 5.1% for 2023. As Fed Chairman Jerome Powell explained, almost all FOMC members think further hikes are reasonable. And the resulting price slump in the crypto markets is also having an impact on Tether’s stablecoin, USDT, at the moment. Tether (USDT) De-Pegs Slightly USDT has slightly lost its peg to the US dollar at the time of writing. On Binance, the USDC \/ USDT exchange rate was at 1.0030. The reason for this seems to be Curve’s 3Pool, which is one of the most important pools for stablecoin trading in decentralized finance. Currently USDT accounts for 73.79% of the Curve 3Pool, DAI for 13.05% and USDC for 13.16%. Apparently, users are rushing to exchange tens of millions of USDT in favor of the stablecoins USD Coin (USDC) and Dai (DAI). The ideal balance of the Curve 3Pool should be 33.33% for each of the three stablecoins. Due to the imbalance, USDT is currently de-pegging. Related Reading: Crypto Market Bleeds As SEC Pressures Mount, Is It Time To Buy? Chinese journalist Collin Wu also reports that in Aave V2, the USDT lending rate skyrocketed, including the deposit rate by more than 20% and the loan rate by more than 30%. Some big whales are borrowing USDT on Aave and selling it on DEX like Curve. One of them is Ethereum whale @samczsun. He borrowed 31.5 million USDT from Aave V2 using 17,000 ETH and 14,000 stETH as collateral, and then exchanged all the borrowed USDT for USDC on 1inch. The borrower then deposited USDC 10 million and USDC 21 million to V2 and V3 respectively. This guy then borrowed 12 million USDT from V3 and deposited it with V2. Wu further explains: Twenty minutes after czsamsun.eth borrowed USDT, another address (0xd2…0701) mortgaged 52,200 stETH through Aave V2 and borrowed 50 million USDC, using USDC>USDT de-peg, with a few million USDC converts USDC from Curve to USDT in batches at a time, and each operation can obtain an additional 1000-8000 USDT. However, Tether CTO Paolo Arduino remains calm. On Twitter, he commented that “markets are edgy in these days,” adding: “so it’s easy for attackers to capitalize on this general sentiment. But at Tether we’re ready as always. Let them come. We’re ready to redeem any amount.” Related Reading: Bitcoin Price Hammered Below $25,000 Amid Fed\u2019s Hawkish Tone, SEC Lawsuits The last time Curve 3Pool was unbalanced was in mid-March, when the balance of USDC and DAI rose to over 45% each. Moreover, there was also an imbalance in November 2022 when FTX and in May 2022 when the Terra ecosystem collapsed. Will The Crypto Market Continue To Fall? Bitcoin, as the leading indicator for the crypto market, is in a critical situation. For the first time since the mid-March crash, the BTC price has fallen below the extremely important 200-day EMA (blue line). A recapture of the price level currently at $25,290 could be of high importance to create a recovery similar to mid-March 2023. Featured image from iStock, chart from TradingView.com<\/p>\n","protected":false},"author":571,"featured_media":538064,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[6664,81092,4100,10263],"class_list":["post-538063","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-crypto","tag-curve","tag-tether","tag-usdt"],"acf":[],"yoast_head":"\n
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Through his extensive work with shenyangcang.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field. His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone. With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake\u2019s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage. Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control. For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality. As a journalist, Jake\u2019s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies. In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it\u2019s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake\u2019s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time. You can engage with his latest takes on Twitter: @realJakeSimmons.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/realJakeSimmons"],"url":"https:\/\/shenyangcang.com\/author\/marcusmisiak\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Tether (USDT) De-Pegs As Crypto Market Stumbles, More Downside Coming?","url":"http:\/\/shenyangcang.com\/news\/tether-usdt-de-pegs-as-crypto-market-stumbles\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/shenyangcang.com\/news\/tether-usdt-de-pegs-as-crypto-market-stumbles\/"},"thumbnailUrl":"https:\/\/shenyangcang.com\/wp-content\/uploads\/2023\/06\/iStock-1402102628-1.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/shenyangcang.com\/wp-content\/uploads\/2023\/06\/iStock-1402102628-1.jpg?fit=1254%2C836"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Jake Simmons"}],"creator":["Jake Simmons"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/shenyangcang.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["crypto","curve","tether","usdt"],"dateCreated":"2023-06-15T09:15:19Z","datePublished":"2023-06-15T09:15:19Z","dateModified":"2023-06-15T09:15:19Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Tether (USDT) De-Pegs As Crypto Market Stumbles, More Downside Coming?\",\"url\":\"http:\\\/\\\/shenyangcang.com\\\/news\\\/tether-usdt-de-pegs-as-crypto-market-stumbles\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/shenyangcang.com\\\/news\\\/tether-usdt-de-pegs-as-crypto-market-stumbles\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/shenyangcang.com\\\/wp-content\\\/uploads\\\/2023\\\/06\\\/iStock-1402102628-1.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/shenyangcang.com\\\/wp-content\\\/uploads\\\/2023\\\/06\\\/iStock-1402102628-1.jpg?fit=1254%2C836\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Jake Simmons\"}],\"creator\":[\"Jake Simmons\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/shenyangcang.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"crypto\",\"curve\",\"tether\",\"usdt\"],\"dateCreated\":\"2023-06-15T09:15:19Z\",\"datePublished\":\"2023-06-15T09:15:19Z\",\"dateModified\":\"2023-06-15T09:15:19Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/shenyangcang.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/shenyangcang.com\/wp-content\/uploads\/2023\/06\/iStock-1402102628-1.jpg?fit=1254%2C836","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/posts\/538063"}],"collection":[{"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/users\/571"}],"replies":[{"embeddable":true,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/comments?post=538063"}],"version-history":[{"count":0,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/posts\/538063\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/media\/538064"}],"wp:attachment":[{"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/media?parent=538063"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/categories?post=538063"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/tags?post=538063"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"crypto](\"https:\/\/shenyangcang.com\/wp-content\/uploads\/2023\/06\/USDC-USDT-Binance.png?resize=3797%2C1777\")
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