Crypto Traders Flood Kraken Exchange With Tether (USDT) To Convert To US Dollars – USDT News Today – USDT / USD Price Today
In the past few days, the Kraken exchange’s wallet address has been flooded with tether (USDT). The Kraken Exchange is one of the very few trading platforms where traders can exchange their USDT tokens for US dollars.
At the time of writing, the exchange’s wallet balance is USDT 46.98 million. According to the Tether Rich List, Kraken’s wallet address is currently the 8th most valuable wallet with Tether (USDT).
About two weeks ago, Kraken was ranked very low on the Tether Rich List. The exchange was in 22nd place. It even held USDT tokens that were holding less than half of what it is currently holding. Between December last year and early October, Kraken’s wallet balance fluctuated in the 10 to 24 million range.
Traders want to exchange their tether (USDT) for USD
The current balance sheet of the stock exchange is an extraordinary outlier. Some analysts have claimed that the influx of USDT into Kraken is due to traders wanting to convert their USDT into USD. The value of the digital currency has fallen sideways recently. It has fallen below its historic mark. The tether (USDT) is said to be at USD 1 or very close to USD 1. In the past few weeks, however, the value of the coin has dropped significantly.
Most recently, the value of the coin even fell to the 88-cent mark. This has created great concern among its investors. This is the main reason they are flooding the Kraken exchange to convert their USDT into US dollars.
Trading platforms that offer USDT to USD trades
There are few digital currency trading platforms that can convert Tether (USDT) into US dollars. The Kraken Exchange is one of those exchanges. Other exchanges that offer direct trading between Tether (USDT) and USD are Bittrex and Bitfinex. So the flooding of these exchanges with USDT is a sign that the digital currency market may still have doubts about the USDT’s recovery.
Kraken only offers one USDT trading pair and that is USDT / USD. This means that traders cannot trade USDT against other digital currencies on the platform.
According to Tether’s whitepaper, token holders can redeem their USDT for USD by returning it to Tether Ltd. However, many users have not been able to do this in the past few months. Spiga founder Jeff Perrin said he tried to redeem his USDT for USD through the company’s website back in February. He said he had provided all the necessary KYC details. However, he did not get a response from customer support.
Tether (USDT) ranks 8th on the list of top digital currencies by market capitalization. However, digital currency has long been an issue in the crypto space. The company claims that each tether coin is backed by one dollar. However, traders are now questioning the credibility of this claim.
Tether (USDT) Price Today – USDT / USD
Tether (USDT) is currently worth 99 cents, up 0.6 percent in the past 24 hours. The current market capitalization of the digital currency is $ 2.05 billion and its trading volume in the last 24 hours is $ 2.34 billion.
Princess Ogono is a writer, lawyer, and fitness enthusiast. She believes that cryptocurrencies are the future. When she’s not writing, she spends time with her adorable cat, Ginger, and does a lot of exercise.