USDT loses 88% of its value on the EvoDeFi bridge of Oasis

The impact of Bitcoin fluctuation

Bitcoin’s drop below the $34,000 barrier has sent market confidence down to a six-week low. The cryptocurrency community is losing trust in bitcoin at an alarming rate. Analysts at Santiment noted this on their Twitter feed. The stablecoin USDT abruptly lost parity with the dollar on the Oasis blockchain, going below $0.12. We’re talking about the EvoDeFi bridge, which supports the majority of Oasis-based protocols.

Tether’s future

But that stock won’t last much longer. According to Tether technical director Paolo Ardoino, holders have withdrawn $300 million in just 24 hours! Even if the company says it is ready to convert bigger sums, the current market environment gives traders little trust in the security of their portfolios. Remember that UST lost its peg to the dollar?



Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store

bit4you is an european crypto exchange platform. We are facilitating the transition between crypto currencies and traditional currencies such as euro.