Tether stablecoin (USDT) has tanked in value to an 18-month low. USDT/USD exchange rate dropped sharply to to $0.925284 — the lowest level since April 27, 2017.
The fall in the rate was caused by negative news related to this cryptocurrency. This morning, KuCoin crypto exchange announced the suspension of depositing and withdrawal of the USDT token due to technical work. Fake reports on Binance delisting Tether (USDT) had also played a negative role.
Whatever the reason for the drop, it seems safe to say that traders have likely rotated money out of USDT and into bitcoin and other stablecoins.
According to media reports, Puerto Rico’s Noble Bank International, which is known for reportedly opening accounts for USD-backed token Tether and crypto exchange Bitfinex, was left without funding. Then there were suspicions that the token team was in financial difficulty.