Bitcoin (BTC<\/a>) and crypto markets saw fresh volatility on Nov. 10 after stablecoin Tether (USDT<\/a>) unpegged from the United States dollar.<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> showed USDT hitting lows of $0.971 on Bitstamp on the day amid fears that the largest stablecoin by market capitalization may fall further. <\/p>\n Those fears were stoked by evidence<\/a> of embattled exchange FTX and sister company Alameda Research attempting to short USDT.<\/p>\n Currently in the throws of a crisis<\/a> reminiscent of the Terra debacle<\/a>, both firms have fallen foul of the cryptocurrency community and beyond as regulators step up scrutiny of the industry.<\/p>\n The impact has been felt across crypto prices, with BTC\/USD reaching more than two-year lows<\/a> of $15,638 on Bitstamp.<\/p>\n Commenting on USDT moves on the day, chief technology officer Paolo Ardoino urged calm.<\/p>\n \u201cTether processed ~700M redemptions in last 24h. No issues. We keep going,\u201d he confirmed<\/a> in a tweet. <\/p>\n That message echoed Tether\u2019s official stance already published the day prior. In a blog post<\/a>, the USDT issuer stated that it did not have direct exposure to FTX or Alameda.<\/p>\n \u201cTether is completely unexposed to Alameda Research or FTX,\u201d it read.<\/p>\n \u201cTether tokens are 100% backed by our reserves, and the assets that are backing the reserves exceed the liabilities.\u201d<\/p><\/blockquote>\n Micha\u00ebl van de Poppe, founder and CEO of trading firm Eight, was another among many voices calling on market participants not to overreact to the ongoing volatility.<\/p>\n Related: Tron\u2019s stablecoin USDD loses dollar peg on suspected sell-off by Alameda Research<\/a><\/em><\/strong><\/p>\n \u201cPanic across the markets as USDT depegs a bit from USD. That always happens during these times. No need to overstress and is most likely jumping back towards 1:1,\u201d he argued<\/a>.<\/p>\n During Terra\u2019s LUNA aftermath, USDT briefly wicked lower than $0.96, soon recovering its USD peg.<\/p>\n \u201cThe exchange rate is IRRELEVANT so long Tether is able to redeem every 1 USDT for 1 USD,\u201d part of a tweet from popular analyst Duo Nine continued<\/a>. <\/p>\n \u201cBig whales will just go to Tether and get their USD at parity. Don\u2019t be fooled! The only reason the peg will not restore is if Tether does not have 100% coverage.\u201d<\/p><\/blockquote>\n Meanwhie, in a curious development, decentralized cryptocurrency reserve Tron DAO Reserve announced<\/a> that it would purchase 300 million USDT on the open market.<\/p>\n The aim, it said in a tweet, was to \u201csafeguard the overall blockchain industry and crypto market,\u201d without giving further details.<\/p>\n The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n <\/p>\n<\/div>\nTether executive: \u201cNo issues\u201d with USDT<\/h2>\n
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Tron DAO Reserve says it will buy 300 million USDT<\/h2>\n
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