Seems like people are fleeing from USDT and are thus moving into BTC and some of the alts in case USDT turns out to be insolvent.
Not sure why everone is fleeing USDT right now however.
The price of tether was dropping since few days and today there was a rumor that Binance will delist tether. But this news was not accepted by Binance CEO.
https://twitter.com/cz_binanceThat makes sense. I wasn't aware of these rumors so I wonder how big the impact really was. However I've never used Binance so maybe the rumours were bigger "news" than what I perceived (or rather: failed to perceive).
Not sure why everone is fleeing USDT right now however.
It doesn't look like it's fully backed anymore. It's trading at $0.96 a piece at the moment, according to CoinMarketCap.
I assumed that it's down at 0.96 USD because people are fleeing, but now that you mention it Tether should have been able to prop the price up regardless. Hoh boy.
Btw has anyone else noticed how USDC is trading at more than 8% above face value right now? Seems like the battle of the USD-backed stablecoins has begun.