Over $1 Billion In Stablecoins Are Sidelined Waiting To Push Bitcoin To $100K
Bitcoin is trading only a couple thousand dollars below $50,000, but according to one crypto analyst, there’s over $1 billion in stablecoins waiting on the sidelines to push the leading cryptocurrency by market cap to a price of $100,000 per coin, within the next thirty to sixty days. Here’s why all this capital sitting on […]
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Bitcoin price is currently trading at just above $10,900, but it may not be doing so for much longer. As the cryptocurrency continues to build a bullish fundamental base, one crypto analyst claims there’s enough capital sidelined in crypto to push Bitcoin to a market cap of over $1 trillion. If and when this happens, […]
Is a broader rally forming for Bitcoin as sidelined capital makes its way onto exchanges? Nearly half a billion in Tether inflows was recorded on April 8 across major Bitcoin (BTC) exchanges, based on Glassnode's data.Considering that the inflows, the biggest since mid-March, coincided with a minor Bitcoin pullback, it indicates that buyers could be waiting to step in following BTC's price drop.Stablecoin deposits into exchanges. Source: GlassnodeIs a broader Bitcoin rally brewing?There are two major on-chain metrics that often signal a bigger Bitcoin rally is forming: BTC outflows and....
Stablecoin inflows into exchanges spiked right as the price of Bitcoin recovered above $38,000, on-chain data shows. The price of Bitcoin (BTC) has extended its recovery on Jan. 14, reclaiming the $38,000 level. What's more, the weekly candle has now turned green for the fifth consecutive week despite the 28% crash earlier this week. BTC/USD Weekly candle chart (Bitstamp). Source: TradingviewMeanwhile, stablecoin deposits are flooding into cryptocurrency exchanges, according to data from CryptoQuant. This inflow may act as a short-term catalyst for Bitcoin as it suggests that sidelined....
On-chain data shows Bitcoin dry powder has been accumulating on exchanges as stablecoins reserve exceeds $19 billion. Stablecoins Reserve Crosses $19 Billion As pointed out by a CryptoQuant post, exchanges now hold stablecoins worth more than $19 billion. Such a large reserve might mean enough dry powder for Bitcoin to make a big move soon. […]
The crypto bear market of 2022 has spared no digital asset in the space, and stablecoins have been no different. The assets which have always served as a safe haven for investors when it comes to the high volatility of the crypto market had seen a drawdown coming into the new year. As a result of this, for the first time, these stablecoins are now seeing a reversal of their otherwise bullish growth trend over the last couple of years. Stablecoins See Market Cap Plummet Stablecoins had grown tremendously throughout the bull market of 2021. By the end of the year, the year-over-year growth....