USDT flipped to a 2% premium against RMB amid bitcoin’s price drop
After remaining at a discount for months, the exchange rate of USDT to Renminbi (RMB) has flipped to a premium compared to the foreign exchange rate for U.S. dollars. Industry players say the flip is indicative of a near-term USDT shortage as bitcoin’s price briefly fell below $47,000 on Tuesday and over $5 billion in crypto derivatives positions were liquidated in the past 24 hours.
