Summary
- It was reported that Tether (USDT)'s market capitalization decreased by $1.8 billion after the implementation of the European Union's MiCA law.
- This is the largest weekly fluctuation since the FTX bankruptcy incident.
- Nia added that it is uncertain whether the decrease in Tether's market cap is solely due to the MiCA implementation.
On the 2nd (local time), the cryptocurrency-focused media The Block reported that "since the implementation of the European Union (EU)'s cryptocurrency regulation law MiCA on December 30th last year (local time), Tether (USDT)'s market capitalization has decreased by $1.8 billion," stating that "this is the largest weekly fluctuation since the FTX bankruptcy incident."
It continued, "Before the MiCA implementation, USDT's market cap was $138.8 billion, but it is now $137.0 billion, a decrease of 1.2%." It further explained that "if we extend the period to two weeks, the decrease is about 2.7%."
Nia added, "However, it's difficult to conclude that the MiCA implementation alone affected the decrease in USDT's market cap."
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
![[Analysis] "Bitcoin deposits to Binance top $7.5bn…mirroring past bear markets"](https://media.bloomingbit.io/PROD/news/49d66929-6d71-49d5-969d-f7ff78e8357c.webp?w=250)
