CandleFocus USDT Faces Downward Pressure as Investors Pivot to Stocks in China
2024-10-11
Author: Content Editor
USDT, the largest stablecoin in the crypto market, has been trading below $1 since September 30. This is believed to be a result of large outflows from China, as crypto investors there are turning to the national stock market due to the announcement of stimulus measures. The depegging of USDT has not posed a significant threat to its holders, but economists are speculating about the factors causing the downward pressure on its price. Chinese investors are willing to pay fees to exchange USDT for yuan, anticipating substantial price increases in the stock market. The stock market frenzy in China, fueled by the stimulus measures, has affected USDT, which is commonly used by Chinese investors for cryptocurrency trading. As investors expect further announcements to sustain the rally, the downward pressure on USDT might continue to grow.
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