About 2 months ago, the price of USDT/VND once reached 28,000. At that time, most people held USDT and even bought 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 decreased quite significantly by 6-7% to the range of 26.2xx, while the crypto market is still weak and has not recovered at all. Perhaps the reasons stem from the following factors.

● First, money is flowing out of the market, no longer staying 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 clearly, sellers are dominating over buyers.
● Third, USDT is no longer being 'held' as before. At the 28,000 range, USDT had a defensive factor. Currently, it is simply an intermediary tool — buy and then sell, no one holds it for long. When something is no longer held by many people, it will lose its value.
● Fourth, the Fed has started to shift towards expectations of interest rate cuts.
In short, the decrease in USDT is not because it is weak, but because:
- The cash flow out of crypto is shifting to 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 on the sidelines.
- The global political situation is unstable.
- Those who held at high prices are cutting losses, thinking that prices will decrease further.

I don't know when the price of USDT will increase again. Just holding USDT has already resulted in losses of hundreds of millions. So sad 😕
#USDT #VND