Tether

Bitcoin, the original cryptoasset, fails to challenge the $50k mark once again. While Bitcoin (BTC) is still struggling below $49,000, Solana (SOL) has overtaken Polkadot (DOT) and USD Coin (USDC) in the last 24 hours to become the world's number 8 cryptocurrency by market cap.

The cryptocurrency market, which successfully rebounded on the morning of the 16th of March, turned into a bear market again. Bitcoin broke the $5,000 line and is now settling just above the $4600 price level.

While the cryptocurrency market declined overall, the 10th largest coin by market capitalization, Tezos (XTZ), fell 9%, the biggest drop among the top 10 cryptocurrencies. The world’s original altcoin Bitcoin (BTC) has also plummeted by over 4 percent. Tether (USDT) has continued to trade in green for the past one week and it currently has the biggest daily volume of $47.73 billion and the supply of 4.64 bln.

BaseFEX, a professional cryptocurrency derivative trading platform, today announced the launch of the world’s first USDT-Settled Perpetual Contracts. BaseFEX offers pairs BTC/USDT with up to 100x leverage and ETH/USDT with up to 20x leverage.

The New York (NY) Supreme Court will modify the injunction against cryptocurrency exchange Bitfinex because it is vague and unclear. The injunction against the company’s digital currency business, was obtained by NYAG. The court made a ruling that Tether should not loan cryptocurrencies to the exchange, unless it is a standard recognized way of doing its commercial activities.

An official announcement from the office of the New York (NY) State Attorney General has revealed that the responsible authority is carrying out thorough investigations into iFinex, the firm behind stablecoin Tether and cryptocurrency exchange Bitfinex, in a purported $850 million fraud case.

Thursday, January 10 morning (0:10 AM UTC) – Cryptoasset markets were showing assorted signs, with several of the top market cap cryptos facing balmy variations both green and red. Bitcoin (BTC), the flagship crypto, was holding slightly above the $4,000 level, according to data from Coin360. But surprisingly, all crypto prices have abruptly declined except Tether, USD Coin, TrueUSD, Gemini Dollar, Dai, Status, Aurora, ODEM, HyperCash and maximine.

As the crypto market recovered from the last drop, we found Tether (USDT) in fifth place by market cap,  just next to Stellar. The stablecoin, which in 2017 was not even in the top 20, turned out to be the most popular token, overtaking EOS and Bitcoin Cash.

Tether Limited, the issuer of the USDT digital currency, has destroyed 500 million units of the embattled stablecoin.