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Bitcoin Under Pressure: Is the Cryptocurrency Market Poised for a Major Transformation?

The recent fluctuations in the cryptocurrency market, including the decline of Bitcoin and the weakening of USDT against USD, have caused significant pressure in the investment community. In this context, the decision by the Chairman of the FED to pause interest rate hikes has created a surprise, and forecasts show that interest rates will rise in 2021 and fall in 2024. Additionally, Binance is facing challenges and opportunities as it expands into new markets.

Interest rates are showing more positive signs

The cryptocurrency market is facing many major fluctuations, especially in the context of changing market interest rates. The rate hikes officially ended after a year of sustained increases, and the FED chairman reiterated his commitment to bring inflation down to 2 percent.

However, the decision to stop raising interest rates does not signal the FED’s future journey, and experts predict interest rates will rise in 2021 and fall in 2024. Recent data suggest that interest rates will rise, but unexpected results from the FED’s forecast show that policymakers expect interest rates to rise.

The volatility of market interest rates has affected the cryptocurrency market. Bitcoin has been losing ground in recent days, and USDT is losing ground against the USD, raising concerns among investors.

USDT back de-pegged

Curve is a well-known AMM platform in the DeFi industry of the crypto market, currently, there are a large number of DeFi users who are starting to swap USDT to other stablecoins such as USDC and DAI, causing the rate of USDT in 3pool to increase dramatically. Currently, the share of USDT in 3pool has surpassed 62.64%, which increases the number of assets in this pool about $373 million: USDT is $234 million, USDC is $68.5 million, and DAI is $71 million.

In the past, there have been 2 events that caused the percentage of USDT in 3pool to exceed 50%. The first event, in May-June 2022, saw the massive collapse of Luna and Three Arrow Capital, and the second event, the FTX exchange, in November 2022.

Some people believe that a certain force is aware of the information related to USDT and has decided to swap USDT for other stablecoins. Others argue that USDT is under attack in the same way that the UST – stablecoin algorithm of Luna was attacked in May 2022. Bitcoin reached ATL (All Time Low) in the recent growth cycle that coincided with two events.

Binance is closing down the market.

Binance is one of the largest cryptocurrency exchanges in the world and is facing many challenges and opportunities when expanding into new markets. Recently, Binance decided to leave Canada and Cyprus and is facing a lawsuit from the sec. The company can temporarily withdraw from the US market and look for opportunities in other countries. This decision is causing attention in the cryptocurrency investment community, especially as Binance is one of the largest cryptocurrency exchanges in the world.


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