Tether loses $1 peg, Bitcoin drops to 2020 levels of close $24K

USDT fell to 97 cents during Asian hours, losing parity with U.S. dollar at writing time. It slumped to as low as 96 cents on Coinbase.

Separately, bitcoin’s (BTC) support level of $27,000 was lost and it dropped to $25,000. This is the same level as December 2020.

In the face of low sentiment for stablecoins within crypto communities, traders sold USDT to U.S. Dollars. TerraUSD (UST) earlier this week depegged to as low as 22 cents from its intended $1 level, while Waves’ USDN stablecoin showed signs of weakness on Wednesday night.

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At writing time, USDT lost its peg to U.S. dollars. (TradingView)

The sell-off came even as Tether CTO Paolo Ardoino confirmed on Twitter earlier today that Tether was continuing to honor “USD redemptions at 1$” via its website.

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