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Crypto financial services platform Matrixport said the billion-dollar drop in the market cap and trading volume of Tether (USDt) does not indicate a bearish trend in the market, but is more likely due to reduced trading activity during the holidays. According to CoinGecko data, the market cap of the stablecoin USDT has fallen by about 2.8% since its peak of $141 billion on December 19, 2024. The cryptocurrency’s daily trading volume has also fallen from $154 billion in mid-December to $55 billion on January 6, 2025.