From the desk of Louis Sykes @haumicharts
Following the collapse of Luna's stablecoin, TerraUSD $UST, it's called into question the validity of its counterparts.
Tether $USDT and USD Coin $USDC have experienced notable volatility since this event.
We recommend you read Glassnode's latest report 'Unstable Coins' -- it's a great primer on what's happening.
But when it comes to down to the question "is Tether safe?", the consensus can get awfully confusing. Tether FUD has always been present, but it particularly ramped up in response to an anonymous post published on Medium, "The Bit Short: Inside Crypto’s Doomsday Machine". In fact, this piece was so significant that Bitcoin sold off over 10% in day following its release.
As technical analysts, we often like to stay in our lane and keep it simple. But given this topic is hot property right now, we thought we'd share something that might be of value in this discussion.
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