Daily crypto: Markets are declining – Tether buys back and destroys 500 million units

Daily crypto: Markets are declining – Tether buys back and destroys 500 million units.

Image source: Shutterstock / Trijo News / Wikimedia Commons

Tim Haldorsson

tim.haldorsson@trijo.co

The company behind the stablecoin tether removes 500 million units from circulation by buying them back from the markets. The plan is to destroy these tether.

The crypto markets have been on a decline during the last 24 hours. At the time of writing, more than 80 of the 100 biggest cryptocurrencies show red numbers.

The market cap of all cryptocurrencies has also decreased during the last day – from $211 billion yesterday to $208 billion today.

The company Tether has recently bought back hundreds of millions of tether (USDT), a stablecoin that is supposed to work as a substitute for the U.S. dollar, from different markets and sent them to the Tether Treasury, Tether’s liquid funds. Now, in an official press release, the company Tether has said that it will “burn”, that means to destroy, 500 million of these tether from their “treasury”.

This could be an effect of several other tether competitors launching different stablecoins, and that those are now taking market shares from tether.

Xrp loses the most

If we look at the biggest cryptocurrencies, all of them show red numbers in the last 24 hours. Xrp (-1,63%), ethereum (-1,13%) and bitcoin cash (-1,04%) have lost the most, but also bitcoin (-0,63%) and eos (-0,64%) show red numbers during the past day.

Bitcoin (-0,63%) is traded, at the time of writing, at about $6,470, a decline of $50 from yesterday.

The top 100 cryptocurrencies that performed the best during the last day were ravencoin (+18,86%) and mobilego (+14,95%), and those who performed the worst were decred (-10,63%) and dropil (-10,32%).

Asset: Price: % (24h)*
Bitcoin $6 470,20 -0,63%
Ethereum $202,62 -1,13%
Xrp $0,45568 -1,63%
Bitcoin cash $441,43 -1,04%
Eos $5,38 -0,64%

*All numbers in this article are from Coinmarketcap.com.

Follow Trijo News on FacebookTwitter and Telegram.

Keep up with the latest news

Read more