Yikes. This could be the first inning of the Tether bubble deflating, and by extension half the crypto market.
Just like the last 10 times
Binance freezes withdrawals of stablecoin USDC as investors pull $2B
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Re: Binance freezes withdrawals of stablecoin USDC as investors pull $2B
#12Are people withdrawing the USDC coins or the USD behind the coins?
The crypto coins. Binance is a Crypto to Crypto exchange. You can't deposit or withdraw USD from Binance.
Re: Binance freezes withdrawals of stablecoin USDC as investors pull $2B
#13Yikes. This could be the first inning of the Tether bubble deflating, and by extension half the crypto market.
Half is optimistic. Tether destabilizing probably drops all crypto over 90%.
Don't think it will happen, necessarily, but it's largely the only thing keeping crypto together at this point, price-wise.
Re: Binance freezes withdrawals of stablecoin USDC as investors pull $2B
#14Whenever there are runs on businesses in the "crypto" scam space, I wonder whether the withdrawals/cashouts that did/do get through are connected to whomever runs that business, before slamming the door on unconnected people.
Re: Binance freezes withdrawals of stablecoin USDC as investors pull $2B
#15Are people withdrawing the USDC coins or the USD behind the coins?
Either way, it's money leaving the exchange. This is what the "halt" is attempting to address if I read it correctly.
The "dark side" of crypto is being made painfully obvious for all to see.
Re: Binance freezes withdrawals of stablecoin USDC as investors pull $2B
#16This might be why BTC is shooting up at the moment. If you can't withdraw your stable coins you might as well buy Bitcoin and withdraw that.
Re: Binance freezes withdrawals of stablecoin USDC as investors pull $2B
#17Are people withdrawing the USDC coins or the USD behind the coins?
I assumed people were moving USDC to other wallets (most likely other exchanges). But now that you mention it, I’m not so sure. Because one could signify mistrust in the token, the other in the exchange.
Re: Binance freezes withdrawals of stablecoin USDC as investors pull $2B
#18Yikes. This could be the first inning of the Tether bubble deflating, and by extension half the crypto market.
We will have to wait and see
all the major stable coins still holding pegs
Re: Binance freezes withdrawals of stablecoin USDC as investors pull $2B
#19Looking forward to the Matt Levine break down in his daily news letter. Only way I can understand most of these finance things.
Re: Binance freezes withdrawals of stablecoin USDC as investors pull $2B
#20The moment you halt withdrawals, the jig is up.