July 10, 2023 2:54 AM | 2 min read
Renowned veteran trader and analyst Peter Brandt on Sunday tweeted about the puncturing of the much-speculated Tether (CRYPTO: USDT) bubble.
What Happened: Brandt took aim at cryptocurrency enthusiasts who vocally denounce the US dollar while simultaneously holding assets via Tether on Binance, referring to the exchange as “the scam of the decade.”
Tether is a type of cryptocurrency known as a stablecoin, designed to maintain a stable value by being pegged to the US dollar. It claims to be backed by an equivalent reserve of dollars, with each Tether token representing one US dollar.
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Brandt’s criticism centered on the concept of holding USDT on Changpeng Zhao’s (CZ) popular cryptocurrency exchange, Binance.
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Why It Matters: The trader drew attention to a disconcerting episode involving Binance US. He highlighted that the same exchange executed customer Bitcoin sell orders at a low price of $8,000, while Bitcoin was trading at $60,000 on other platforms.
Questioning CZ’s role and potential involvement in these irregularities, Brandt emphasized that the answer seemed self-evident, prompting further scrutiny of the Binance ecosystem and its impact on the wider crypto market.
“What does CZ have to do with this? Do you even need to ask this?”
In June, Brandt declared Bitcoin as the sole trustworthy option in the cryptocurrency market. He said that all other cryptocurrencies, including Ethereum (CRYPTO: ETH), are “just wannabees or scam.”
Price Action: At the time of writing, BTC was trading at $30,213, down 0.29%, in the last 24 hours, trident at $1.10, as per data from Benzinga Pro.
Read Next: Bitcoin, Ethereum, Dogecoin Drop As Mixed Signals Emerge From US Labor Market — Analyst Warns Of ‘Bad,’ ‘Explosive’ Developments For King Crypto
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