Caitlin Long, the founder of crypto bank Avanti Bank and a leading blockchain advocate, took to Twitter yesterday to explain the market sell-off, linking it to stablecoin issuer Tether.
Long reasoned that Tether, which revealed the assets that back its dollar-pegged currency for the first time last week, could have contributed to the brutal market drop, one that liquidated over $2.38 billion over the past day alone.
Get an Edge on the Crypto Asset Market
Even though the crypto market is fast-moving and often confusing, CryptoSlate Edge can help make sense of it for you. Edge is a yearly membership intended to help you become a more knowledgeable crypto investor and better decision-maker.
Here's what's included in your membership:
Exclusive Articles and Analysis
Get an analytical edge by accessing members-only articles with insights from our researchers.
Private Discord Community
As an Edge member, you will access new articles first and be able to ask our journalists questions in our private Discord.
Access to All Innovative Projects and Curated Sectors
Follow new projects and crypto sectors with our manually curated data for over 50 industry verticals.
Enhanced Data In News Articles
See the TradingView price charts and IntoTheBlock sentiment and on-chain data in market analysis articles.
Exclusive Video Interviews with Crypto Founders
Get access to the exclusive recordings of our interviews with founders we use for our articles.
We hide all advertisements for CryptoSlate Edge members.