Another Crypto Crackdown Hits China amid Tether’s Massive Popularity

Jul 27, 2020 Crypto

Tether is the flourishing cryptocurrency that is gaining huge popularity in the virtual world. There is a lot of capital that is flowing into the network. This is one more time the cryptocurrency market has put into the chaotic situation.

Massive problems and big implications

Many investors are showing interest in buying Tether stable coin (USDT) to hedge their portfolio in various countries where the usage of USD is limited. There is a high growth of stable coin in the market. Its investment is increasing at a rate of 100% since the start of this year. The funds are flowing into this stable coin from China. It is the part that is wondering many investors. With a lot of hedging with USDT, there is a new wave that China wants to create in the cryptocurrency world to keep its money in its country without letting it go outside.

Reignite the fire of Dragons

Based on the reports received from reliable sources, China’s government has zeroed in OTC trading. Many companies are connected to the government have tried hard to put an end to the crypto trading. The primary purpose of releasing USDT in China is to launder money, which is not a good thing to look at.

USD is known for its secure currency. The whole world looks up to the currency as highly reliable. When investors hold this currency, they remain safe even though the economy is turbulent. The best example of such economic chaos would be the COVID pandemic. It has collapsed the world like knocking down the building.

COVID raised the market

Market stability depends on its strength and size. You can gain stability only when the central power bank holds it. The bank’s responsibility is to keep the currency at its peak level. These are a few factors that have made USD currency to be highly stable in the world. Today, it is found to be the largest fiat currency that has not stumbled even with the COVID-19 pandemic

Many citizens of China have embraced crypto-based solutions for hedging their portfolio with the help of stable coins. Tether is gaining is huge popularity in the crypto world. There is a large inflow of traffic for this coin. With the increase in popularity for this type of cryptocurrency in China, this type of cryptocurrency market cap has increased to USD 9.2 billion. However, it was just USD 4.6 billion until the first half of January 2020.

The best part of Tether is that it allows you to use the traditional currency as an electronic currency. These coins are also developed using blockchain rather than using other platforms. It will enable the users to add the currency and withdraw USD using the bitcoin blockchain, which is highly secure and performs the transactions at a brisk pace. It is a promising cryptocurrency for the people who are new to crypto trading and investing. You can depend on customer support to get things done.