As worries about contagion risks persist, the cryptocurrency market has been under a lot of pressure recently. This happened after FTX, the second-largest cryptocurrency exchange in the world after Binance, collapsed. The failure of a $32 billion cryptocurrency exchange has brought stablecoins to public attention.
Bitcoin and cryptocurrency critic Peter Schiff took to Twitter and shared some information that he believes is concerning for Tether, the third-largest cryptocurrency and the largest stablecoin. Schiff shared a CoinMarketCap chart of Tether’s market capitalization, which showed a decline.
He uses the fact that Tether has never experienced a market cap decline as support for his claim.
Source: https://coinpedia.org/news/this-cryptocurrency-critic-identifies-a-drop-in-tethers-market-cap-what-this-mean-for-crypto-market/