Amidst the damage caused due to the Hurricane Dorian in the Atlantic, Tether has pledged to support in the recovery and reconstruction of Bahamas. Tether announced for a donation of $1 million to hurricane relief. According to a report, the Chinese importers are buying up to $30 million/day of USDT from Russia’s trading desks. Earlier, Bitcoin was used for such transactions; however, after the crash of 2018, traders switched to Tether. The main reason for it is the stability of USDT and its parity with the USD.
Tether Price Analysis
On August 22, the Tether price was trading around $1.0001. In a period of 25-days, USDT coin has shown a marginal strengthening of 0.07%. The crypto has almost been flattish over the period of a week. Similarly, in the intraday trading on yesterday, the stable coin showed a small hike of 0.3%.
As per the analysis, Tether will be hovering around this level. The stability is the major factor for the popularity of the coin. The immediate resistance for the Tether is at $1.007 and the support level is at $0.9953.
The cross-border transaction of USDT is a significant contributor in the trading volume of the coin. There are strict restrictions on the currency exchange in Russia and USDT is providing an easy solution for it. As of now, the short-term trend in Tether is flattish.