Tether falls
Tether is a stable coin that's pegged at one-to-one with the US dollar. The problem is, there have been relentless rumors that the dollars backing it don't exist.
Today Tether fell as much as 5% and remains 2.5% lower. It's at 0.96372 which in theory means you could buy the Tether, convert it to US dollars and pocket a nearly 4% return. It's price continues to vary widely with some exchanges still at 0.92 cents and Kraken hitting 85-cents at the lows.
Some exchanges -- including Binance -- have suspended Tether withdrawals but it appears to be maintenance related, not a delisting.
The thinking behind the rally in crypto today is that holders of Tether are selling and buying other coins to avoid an implosion in it.
Of course, rumors of Tether's imminent demise are nothing new.
