USDD Slides While Huobi Withdrawals Subside
The cryptocurrency market has seen a turbulent few weeks, with the USD-pegged stablecoin USDD leading the way. After a significant run-up in price, USDD has begun to slide, while withdrawals of the crypto asset from Huobi have slowed. This phenomenon is being closely watched by traders and investors, as it could signal a broader shift in the crypto market.
The pace of withdrawals from Huobi has subsided in recent days
In the past few days, the pace of withdrawals from Huobi has slowed down significantly. This follows a period of heavy withdrawals that had caused users to question the platform’s safety and reliability. The withdrawals had been linked to users wanting to get their assets out of the platform as prices of several cryptos fell.
The reduced withdrawals are likely due to the fact that prices have begun to stabilize in the past few days, alleviating the need for users to withdraw their assets. The USDD stablecoin has been particularly volatile in recent weeks, with a renewed slide sending it below $0.90 this week.
However, while the USDD slide has been accompanied by a decline in BTC, other altcoins have held up relatively well. Ethereum and other major altcoins have seen only minor losses, allowing traders to focus on trading rather than having to move their funds off the platform.
The renewed slide in USDD comes amid continued selling pressure on Bitcoin as traders remain unconvinced about its long-term prospects. With many cryptos trading below their all-time highs, there is still some uncertainty in the market, causing some traders to err on the side of caution when it comes to their investments.
For now, the pace of withdrawals from Huobi has subsided, allowing traders to keep their funds on the platform. However, this could change if the market becomes more volatile or if there is a renewed wave of selling pressure on Bitcoin or other major cryptos.
USDD has seen a renewed slide, falling below $0.90
The stablecoin USDD has been on a downward slide in recent days, with prices dropping below $0.90. The renewed slide comes amid ongoing selling pressure on Bitcoin and other cryptocurrencies, as traders increasingly opt to cash out their profits.
USDD is a USD-backed stablecoin which is pegged to the US dollar at a 1:1 ratio. It is mainly used for trading on Huobi and other cryptocurrency exchanges, and is seen as a less volatile alternative to Bitcoin and other digital assets. The stablecoin had previously remained steady, with prices hovering just above $0.90. However, in the past few days, USDD has seen a renewed slide, dipping to lows of $0.88.
The renewed slide in USDD has been accompanied by a decline in BTC prices, as well as a rise in altcoin prices such as ETH. This indicates that traders are likely taking profits on BTC and investing them into more volatile coins, such as ETH and other altcoins.
Despite the renewed slide in USDD, it is still holding relatively strong compared to its peers. As of writing, USDD is currently trading at around $0.89, with analysts predicting that prices may stabilize at this level in the near future.
Overall, the renewed slide in USDD has been driven by ongoing selling pressure on Bitcoin and other cryptocurrencies. This has also resulted in increased buying pressure on altcoins such as ETH and other digital assets. While USDD may continue to slide in the short term, it appears that prices have stabilized at around $0.89 for now.
The slide in USDD has been accompanied by a decline in BTC
In recent days, the US Dollar-backed stablecoin USDD has seen a renewed slide, falling below $0.90 and dragging down other assets with it. One of the most notable losses has been in BTC, which has seen its value decrease over the past few days. This comes as no surprise, as BTC tends to be highly correlated with USDD, which is the major source of liquidity for the crypto markets.
This latest slide in BTC has been driven by a combination of factors, including continued selling pressure from large institutions, declining demand from retail investors, and weak overall market sentiment. The lack of trading volume has also contributed to the slide, as fewer traders are participating in the market and providing liquidity.
It is worth noting that, despite the downward pressure on BTC, Ethereum and other altcoins have held up relatively well. This suggests that there may be some underlying strength in the altcoin markets, although it is too early to tell if this trend will continue.
Overall, the recent slide in USDD has been accompanied by a decline in BTC, although other assets have held up better. It remains to be seen whether this trend will continue or if there will be a recovery in the near future.
However, ETH and other altcoins have held up relatively well
The recent decline in USDD has been accompanied by a decline in Bitcoin. However, Ethereum (ETH) and other altcoins have held up relatively well, with the ETH price hovering around $180. Other altcoins such as BNB, LINK, DOT, ADA and LTC have also seen some support, although many of these digital assets remain down over the past week.
It appears that the market is beginning to move away from Bitcoin as investors become more selective in their investments. Investors are seeking out other alternatives such as Ethereum and other altcoins that offer higher potential returns. This trend could continue if USDD continues to decline and the market remains uncertain about the future of the leading cryptocurrency.