Tether has been one of the most popular names in the cryptocurrency industry. The company was formed a long time back and has been consistently making progress in the market. Over the years, the company has garnered a lot of profit and has been one of the richest companies in the world. The steady upward growth of the company attracted the eyes of many investors. They started getting interested in the cryptocurrency market and made some significant contributions.
This trend continued for the last few years, giving the company a high sales turnover in the process. However, such rosy scenarios are no longer the case nowadays. The crypto market has been plagued with a huge downward curve for the past few months. Most of the companies have suffered heavy losses. Prominent companies like Coinbase have declared themselves insolvent and Coinflex have recently announced about cutting down significantly on its employees.
Big names like Bitcoin and Ethereum have also seen their prices go down to new lows. However, after almost three months of darkness, the market seems to be garnering back some of its lost glory. Or at least, it is happening for Tether. The company has recorded a significant rise in its supplies recently. This has made the investors excited to a large extent and has also ignited the hopes of a turnaround in a significant manner. Let us learn more about the story in detail below.
Tether Hints At A Turnaround
Tether has been the largest stablecoin in the world for quite some time. The company was overjoyed to find out that their supplies have once again started going up. The recent trends saw the company’s figure get upscaled by 0.7%.
Although the margin by which the shares went up was only $500 million. The officials at Tether are calling this trend as the first minuscule signs of the entire crypto market recovering. It will be interesting to see which way the events take a turn.