Did a Tether (USDT) Glitch Cause the Low BTC Trade Volumes Witnessed on Monday?

The 24 hour trade volume of Bitcoin (BTC) from the 16th of September, to the 17th, was unusually low. On these two days, BTC 24 hour trades volumes oscillated between $3.1 Billion and $3.3 Billion. Checking current 24 hour trade volumes for BTC, they are currently valued at $3.9 Billion and at the more normal levels in the crypto markets.

Twitter user @Josh_Roger was one of the few who capture this anomaly of daily volume discrepancies via a tweet on the 16th that stated the following:

$BTC quietly had its lowest volume day since November 6, 2017 (source CoinmarketCap historical 24/hr Volume – all exchanges) Bitfinex hits lowest Bitcoin volume on the weekly chart since July 2017.

The full tweet can be found below.

A Technical Glitch at Tether (USDT)?

On the 17th of September, another twitter user, @vip25_admin, noticed that there had been a significant drop in the global Tether transactions when s/he twitted the following:

#TETHER transactions dropped sharply and last tether transaction was hours ago. Something very strange happening with tether. Be careful if you hold #USDT. Maybe you should switch it to TUSD or something like that.

The full tweet can be found below (with a screenshot from Omni Explorer).

Technical Glitch Was Actually from Omni Layer

Further investigating the claims of the glitch at Tether (USDT), we found that the glitch that had caused Tether (USDT) transactions to stagnate on Omni Explorer, was actually from the latter platform. The team at Omni Layer would issue the following statements via twitter:

We are experiencing an issue with the parsing engine that feeds data to Omniexplorer and Omniwallet. It is being investigated.

A second tweet soon followed that explained the issue further.

We have identified the issue with a backend client used by our parsing engine that appears to have locked up/become non responsive. We have restarted all applicable processes and are monitoring them while they verify & resync. This process should take ~ 2-3 hours to complete.

The team at Omni Layer would then solve the issue and announce that data verification and resync was now complete and Omni Explorer was back to normal operations. Evidence of this can be seen in the chart below that shows a spike in the Tether (USDT) transactions reported on the website from the 16th.

Did a Tether (USDT) Glitch Cause the Low BTC Trade Volumes Witnessed on Monday? 1
USDT transactions back to normal. Source, OmniExplorer.Info

So What Caused The Low BTC Trade Volumes?

In conclusion, we can completely eliminate Tether (USDT) from being the cause of the low BTC trade volumes witnessed on the 16th and the 17th of September. This is due to the fact that the glitch in verifying the data was from the backend of Omni Layer that operates Omni Explorer: a platform that tracks USDT transactions.

Therefore, the incident of low BTC trade volumes was an independent phenomenon by itself and could be an indicator of the current bear market continuing further rather than abating like everyone wants it to.

What are your thoughts on the future of Bitcoin? Will it recover to levels above $6,500 or will it drop further in the markets? Please let us know in the comment section below.

Disclaimer: This article is not meant to give financial advice. Any opinion herein is purely the author’s and does not represent the opinion of Ehtereum World News or its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.
Girl in a jacket

loading…

About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

E-Crypto News Executive Interviews



bitcoin
Bitcoin (BTC) $ 61,564.00
ethereum
Ethereum (ETH) $ 3,867.82
binance-coin
Binance Coin (BNB) $ 474.21
cardano
Cardano (ADA) $ 2.22
tether
Tether (USDT) $ 1.00
xrp
XRP (XRP) $ 1.14
solana
Solana (SOL) $ 160.44
polkadot
Polkadot (DOT) $ 43.07
usd-coin
USD Coin (USDC) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.239551
USD
EUR
GBP
bitcoinBitcoin (BTC)
$ 61,564.00
ethereumEthereum (ETH)
$ 3,867.82
tetherTether (USDT)
$ 1.00
bitcoin-cashBitcoin Cash (BCH)
$ 630.00
litecoinLitecoin (LTC)
$ 190.17
bitcoinBitcoin (BTC)
53.022,92
ethereumEthereum (ETH)
3.331,22
tetherTether (USDT)
0,861265
bitcoin-cashBitcoin Cash (BCH)
542,60
litecoinLitecoin (LTC)
163,79
bitcoinBitcoin (BTC)
44,942.03
ethereumEthereum (ETH)
2,823.53
tetherTether (USDT)
0.730005
bitcoin-cashBitcoin Cash (BCH)
459.90
litecoinLitecoin (LTC)
138.83

Automated trading with HaasBot Crypto Trading Bots

Crypto Scams

Crypto Scams
Crypto Scams Still Persistent In 2021, SEC Warns About Red Flags To Watch
September 9, 2021
Poly Network
Here’s How Hackers Stole Over $600 million in the Poly Network Attack
August 12, 2021
The World’s Most Infamous Crypto Hacks and Scams
July 31, 2021
Cryptocurrency Exchanges
Cryptocurrency Exchanges and the Plague of Scams and Bans
June 29, 2021
What Role Do Cryptocurrencies Play In The Era Of Ransomware Attacks?
June 9, 2021

Blockchain/Cryptocurrency Questions and Answers

ICo Presale
The Science Behind ICO Presales…
October 14, 2021
Beginner’s Guide to Investing in Cryptocurrency
August 9, 2021
Short-Sell Cryptocurrency
How to Short-Sell Cryptocurrency: A Brief Overview
July 17, 2021
Klaytn
What Is Klaytn (KLAY) And How Does It Work?
July 16, 2021
Cryptocurrencies
Our Crypto Roundup Interview Asks- Do Cryptocurrencies Have a Future?
July 15, 2021


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin61,522 0.22 % 6.73 % 14.15 %
Ethereum3,857.9 0.41 % 2.00 % 7.31 %
Binance Coin475.19 0.08 % 1.55 % 8.02 %
Cardano2.220 0.40 % 2.26 % 2.60 %
Tether0.9986 0.03 % 0.08 % 0.23 %
XRP1.150 0.09 % 1.51 % 7.23 %
Solana160.35 0.02 % 7.29 % 3.95 %
Polkadot30.87 2.19 % 17.29 % 10.73 %
USD Coin1.000 0.14 % 0.20 % 0.17 %
Dogecoin0.2404 0.09 % 2.82 % 1.24 %

bitcoin
Bitcoin (BTC) $ 61,564.00
ethereum
Ethereum (ETH) $ 3,867.82
binance-coin
Binance Coin (BNB) $ 474.21
cardano
Cardano (ADA) $ 2.22
tether
Tether (USDT) $ 1.00
xrp
XRP (XRP) $ 1.14
solana
Solana (SOL) $ 160.44
polkadot
Polkadot (DOT) $ 43.07
usd-coin
USD Coin (USDC) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.239551