Bittime – Tether (USDT) is the leading stablecoin in the cryptocurrency market, showing a stable trading price at $0.9995 USD, slightly below its 100-day moving average. Despite the slight dip, USDT maintained its value relative to fiat currencies, fulfilling its purpose as a stable store of value.
Tether (USDT) Price Movement Analysis
In comparison, USDT has fallen below its 52-week low of $1.00 USD due to the current market correction from recent gains. However, it remains below its 52-week high, indicating a range-bound trading pattern, characteristic of stablecoins.
With an average long-term technical score of 54, USDT reflects neutral sentiment among investors, supported by its trading volume. Although below the seven-day average, Tether (USDT) daily volume remains substantial at $85,686,610,069.02 USD, highlighting its extensive usage and liquidity.
Despite the neutral sentiment, technical indicators suggest potential bearish pressure. USDT is facing resistance from the 10 EMA and 10 SMA, indicating a struggle to break through the key moving averages. Additionally, MACD is below the red signal line, signaling bearish momentum on the daily chart.
Further, the RSI is at 44, indicating neutral to slightly bearish sentiment among traders. However, given the stable nature of USDT, significant price fluctuations are smaller compared to other cryptocurrencies.
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What is the Future of Tether (USDT) in Europe?
Tether (USDT) maintains its position as a reliable stablecoin with a stable value pegged to fiat currency. Despite facing resistance from major moving averages and showing signs of bearish pressure according to technical indicators, USDT continues to serve as an important tool for traders seeking stability amidst market volatility.
USDT has a substantial market capitalization of over $103 billion, making it one of the largest cryptocurrencies by market capitalization. Its average daily trading volume of $709 billion over the past seven days indicates significant liquidity and widespread use in the crypto market.
However, the recent 24-hour trading volume of $123 billion was slightly below the seven-day average, indicating a temporary decline in trading activity. This can be caused by various factors such as market sentiment, regulatory developments, or external events that affect investor confidence.
Delisting of Tether (USDT) on OKEx Exchange for European Union Users
Despite showing resilience in its trading price above $1.0 and maintaining stability, Tether (USDT) faced new challenges with its delisting on OKEx for European Union users.
OKEx, a leading cryptocurrency exchange, has suspended support for trading pairs involving Tether's USDT stablecoin for users domiciled in the European Union (EU) and European Economic Area (EEA).
This decision may signal upcoming regulatory restrictions in the region, especially in light of upcoming EU regulations requiring stablecoin issuers to obtain licenses as electronic money institutions.
This move by OKEx was confirmed to CoinDesk, underscoring the exchange's shift away from USDT-related trading activities for EU-based customers. Effective immediately, the OKEx platform now exclusively offers spot crypto trading with USDC and Euro pairs. USDT, on the other hand, can only be traded with USDC and Euros.
The decision to delist the USDT trading pair comes amid increased regulatory scrutiny and the exchange's strategic focus on Euro-denominated liquidity in the region. An OKEx spokesperson clarified that this move only impacts a small portion of their user base, emphasizing the exchange's recent expansion of its product offering in the EEA, including various Euro fiat onramps and Euro pairs.
While USDT remains available for deposits, withdrawals, and over-the-counter (OTC) trading for EEA-based users, its removal from spot trading pairs on OKEx signals an important shift in the exchange's operational strategy.
USDT/IDR Tether Price Today
Source: Bittime.com
On March 20, 2024, the price of Tether USDT/IDR was at IDR 15,808 per coin, up 0.10% in the last 24 hours.
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Impact of Tether (USDT) Delisting on OKEx and the Future of Tether in the European Union
USDT's delisting on OKEx for European Union (EU) users sparked concerns about the stablecoin's future in the region. Here are some implications:
Short Term Impact:
- Decreasing Liquidity: The delisting of USDT on OKEx, one of Europe's largest exchanges, could decrease USDT liquidity in the region. This can lead to wider trading spreads and higher price volatility for EU users.
- Investor Uncertainty: This delisting may increase investor concerns about Tether's regulatory compliance in the EU. This could cause a decrease in demand for USDT and potentially affect its price.
- Market Fragmentation: EU users may need to switch to other platforms to trade USDT, which could fragment the market and make access to this stablecoin difficult.
Long Term Impact:
- Regulatory Challenges: This delisting could increase regulatory pressure on Tether in the EU. EU regulators may demand stricter compliance standards from stablecoin issuers, which could increase Tether's operating costs and limit its operations in the region.
- Increased Competition: Other stablecoins such as USDC and Euro Coin (EURC) could take advantage of this situation to increase market share in the EU. This could threaten USDT's dominance in the region.
- Innovation and Diversification: Tether may need to innovate and diversify its products and services to adapt to the changing regulatory landscape in the EU. This could include issuing stablecoins pegged to local fiat currencies or developing regulatory compliant DeFi solutions.
The Future of Tether (USDT) in the European Union
Tether's future in the EU remains uncertain. Although the delisting on OKEx is a setback, Tether still has several advantages:
- Market Dominance: Tether remains the world's largest stablecoin with a market capitalization of over $65 billion. This gives it an advantage in terms of liquidity and brand recognition.
- Industry Support: Tether is widely used by DeFi platforms and institutional traders, giving it a strong support network.
- Compliance Efforts: Tether has taken steps to improve regulatory compliance, such as publishing an updated whitepaper and working with regulators.
Tether (USDT) needs to continue to adapt to the changing regulatory landscape in the EU. This could involve changes to its business model, increased transparency, and closer collaboration with regulators. Tether's future in the EU will depend on its ability to overcome regulatory challenges and maintain investor confidence.
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How to Buy Tether (USDT) on Bittime
You can buy and sell Tether (USDT) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Tether (USDT) is available on Bittime with the USDT/IDR market pair . To be able to buy USDT/IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy Tether (USDT) on Bittime.
Monitor price chart movements of Tether (USDT) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational in nature and is not an offer or solicitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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