Tether is one of the biggest names in the cryptocurrency market. The company has been one of the most steady companies in the market. They have been constantly growing ever since the day the company was incorporated. The company slowly built up its business from scratch and has garnered a lot of investors over the years. The company has been one of the biggest reasons for which several investors have willingly invested in the crypto market.
However, the recent few months have been one of the darkest phases of the crypto market. The entirety of the market has plunged into darkness. Most of the companies have faced significant losses during this period. Prominent companies like Coinbase have declared themselves bankrupt while Coinflex has recently announced about cutting down on their employees due to the recent loss.
The biggest names in the market, Ethereum and Bitcoin have also witnessed their shares go down the drain. Amidst all these concerns, Tether has dismissed recent news of speculation. The recent speculation stated that the company’s backing assets are the main reason why the funds of Tether are dipping down significantly. They experienced a dip of almost twenty-one percent in their prices recently. Let us learn more about the story in detail below.
Tether Not Worried About Recent Dip In Price
Tether has gone down from $85.3 billion to $65.8 billion recently. In one of the recently conducted podcasts, a couple of experts named Caitlin McCabe and Luke Vargas discussed the possible reason for the downfall. They said that the heavy pressure created by the hedge funds has resulted in the downfall.
Tether, however, seemed unfazed about the incident. The company stated that the interpretations were very amateurish and the experts did not have enough knowledge about the market.