Analysis: Bitfinex is caught in a scandal, USDT prices are still strong

On May 6th, LongHash issued a message saying that despite media speculation about the Bitfinex scandal, USDT's current price is still close to $1, which is its target valuation. According to OpenMarketCap, USDT prices plummeted from $1 to less than $0.97 after the Office of the Attorney General of New York issued a preliminary report on its investigations. Since then, the price of USDT has rebounded. On May 1st, it almost returned to the anchor price of 1 US dollar. As of this writing time, the price fell again to around 0.99 US dollars. Interestingly, according to Messari Crypto, as of press time, USDT's current price is only $0.006 lower than USDC, which is a stable coin jointly developed by Coinbase and Circle.