The USDT (Tether) dominance continued to march higher as investors fled to stablecoins amidst the fear that gripped the market. The US SEC’s legal action against one of the largest exchanges by volume, Binance, sparked crypto outflows across exchanges. This showed investors trying to brace for an uncertain future. The market value of most altcoins has taken a major hit in recent weeks. Filecoin has shed just over 30% within two weeks, and more losses are expected.