The unexpected collapse of one of the world’s leading cryptocurrency exchanges FTX and Alameda research has caused fear, uncertainty, and distress in the crypto industry.
Bitcoin hits a yearly low within the last 24 hours, the same with many altcoins in crypto, leading to extreme fear and more distress.
A more significant FUD is surfacing as Tether’s USDT is reportedly being short by Alameda research, and as of press time, USDT values at $0.99 after dropping to $0.96 according to Coingecko.
Source; Coinpedia
According to the analyst in the tweet above, the shorting of USDT is done by Alameda by supplying USDC on AAVE and borrowing USDT. Further, the platform swaps USDT to USDC on the curve, and the transaction has been recorded on Etherscan.
If the report above appears to be true, then Tether will need to burn more from its reserves than it used to.
In the midst of the current FUD, you can make your fortune in the crypto market, all you need is the right and experienced market analysts who are watching the market every 24 hours.
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