About 2 months ago, the price of USDT/VND reached 28,000. At that time, most people were holding USDT and even buying more, including myself. Because everyone thought or hoped the price would increase. Holding USDT was almost like being a king.
However, currently, the price of USDT has dropped quite deeply by 6-7% to around 26.2xx, while the crypto market is still weak and has not recovered at all. On the surface, it may seem confusing, but if we look at the cash flow, the story becomes quite clear.
● First, money is withdrawing from the market, rather than remaining in crypto or USDT as before. Many people sell USDT simply because they no longer want to stay in the market; they need VND to hold cash, spend, or do other things. When USDT is sold directly for cash, a price drop is inevitable.
● Second, the supply of USDT on P2P is very high. Anyone who has traded recently will see more sellers than buyers. There is no panic, but it is clear that the sellers are dominating the buyers.
● Third, USDT is no longer being “held” like before. At the 28,000 level, USDT had a defensive factor. Currently, it is simply an intermediary tool — after buying, it is sold; no one holds it for long. When something is no longer held by many people, it will lose value.
In short, the drop in USDT is not because it is weak, but because:
- Cash flow is moving out of crypto into precious metals (gold, silver...)
- The demand to hold VND increases at the end of the year
- The market is in a state of boredom, with investors staying out.
- The global political situation is unstable.
- Those holding at high prices are cutting losses, thinking the price will drop further.
I don't know when the price of USDT will rise again. Just holding USDT I've already lost hundreds of millions. So sad 😕
#USDT #VND