Tether’s Market Cap Dips to an Eight-Month Low to $70 Bn

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Tether's marketcap has dropped about US$3 billion since June 14, as investors flee the market on fears of a repeat of the Terra UST stablecoin's crash last month.

Terra's market cap has dropped by roughly US$650 million in the previous 24 hours, while its circulating supply has dropped to around $69.2 billion, the lowest since October of last year.

Tether's peg to the US dollar was briefly lost earlier this week, but it has now recovered.