USD Tether (USDT) Exchange Rate on Binance
According to the official announcement, Binance will convert the balance of New Bitshares (NBS) tokens, held by users in their Binance wallets as of 8:00 AM on September 9, 2023 (GMT+8), into an equivalent amount of USDT. This article will provide a detailed analysis of the USDT exchange rate on Binance based on available information.
1. The Recent Negative Premium Trend of USDT
The USDT exchange rate has recently shown a clear negative premium trend. According to Coin data, at the time of writing, the off-market price of USDT is 6.98 CNY, while the USD to CNY exchange rate is 7.1028, resulting in a current premium rate of -1.72% for USDT.
2. LUNA/USDT Crashes by Nearly 98% within a Day
As reported by Binance, the LUNA/USDT trading pair experienced a significant drop, falling to 0.0218 within a day, equating to a decrease of approximately 98%.
3. Mt Gox to Distribute Bitcoin (BTC) and Bitcoin Cash (BCH)
Mt Gox, the bankrupt cryptocurrency exchange, announced the distribution of its holdings, including 142,000 BTC, 143,000 BCH, and 69 billion JPY (Japanese Yen), among others.
4. Tether and OKX's Largest USDT Freeze
Tether and OKX announced the largest-scale freeze of USDT in history. The freeze was a result of a collaborative investigation conducted by Tether, OKX, and the Department of Justice (DOJ).
5. Temporary Suspension of USDC and USDT Deposit Services
Binance temporarily suspended the deposit services for USDC (SOL) and USDT (SOL), as announced on their blog. The suspension will continue until further notice.
6. Delisting of LUNA/USDT Trading Pair on Binance
Binance removed the LUNA/USDT trading pair and halted trading activity for this pair starting from 08:40 AM on May 13th (GMT+8).
7. Comparison between TRC20 and ERC20 USDT Withdrawals
Currently, most exchanges support TRC-USD T deposit, but due to ongoing testing, the deposit and withdrawal services for TRC-USD T on these exchanges are temporarily closed. ERC20 USDT, on the other hand, has its own features and characteristics.
In conclusion, the USDT exchange rate on Binance has experienced fluctuations and various events that have impacted its value. These include negative premium trends, drastic price drops of specific trading pairs, freeze announcements, and suspension of deposit services for specific tokens. It is essential for traders and investors to stay informed about these developments to make informed decisions.