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Over $7 Billion Ready For Crypto, Will Bitcoin [BTC] Rally Above $7,000?

Bitcoin Stablecoins Tether USDT

New data reveals that there is over $7 billion worth of stable coins held at different exchanges. The number is up $1.5 billion in the last trading month.

This observation is interesting and bullish for crypto traders or investors.

For spot and swing traders looking for entry opportunities, less than 40 days before a decisive halving that could see BTC rally to new highs.

“DATA: There is over $7 billion in stable coins sat on exchanges, up $1.5 billion in the last month. A lot of money on the sidelines waiting for the right moment to jump back into crypto markets and for Bitcoin to bottom. There could be strong bullish pressure ahead.”

Stablecoins: A summary

Stablecoins are pegged to USD.

The mode of pegging can vary from one coin creator to another.

For Tether, USDT is minted on a supply and demand basis. The amount created by the Tether Treasury depends on the demand from clients, who can be retailers and institutions yearning for privacy.

The underlying observation is that all of them must maintain their peg with the USD or the currency that it is fixed to.

It can be the ZAR, the USD, Euro, Thai Baht, or any other currency.

With Tether (USDT) the most liquid and supported by different cryptocurrency exchanges, traders and investors are always tracking how the treasury is minting this coin.

The faster it is, the more demand it is for crypto and Bitcoin to be specific.

The Role of Tether (USDT) and what the HOLD means

As Bitcoin and crypto assets crashed in the last month, sometimes USDT were, in blocks, moved to different exchanges including Binance.

Since USDT is more like a shield during periods of high volatility, and a conduit for traders, that there is a spike in USDT and other stablecoins at different exchanges can be interpreted to mean confidence in the market.

Aside from halving—which is closely watched, and the effects of COVID-19 on economies, the intrinsic properties of Bitcoin and leading altcoins mean they could be receivers of capital streaming in from the stock and bond markets.

Bitcoin as the most valuable asset, which is censorship resistant, remains attractive to investors and the $7 billion could easily flow to the coin.

Good news is that its direct correlation with altcoins—since the decoupling hasn’t happened, not yet despite XRP’s claims, could be beneficial in a market whose liquidity remains thin.



Source: Over Billion Ready For Crypto, Will Bitcoin [BTC] Rally Above ,000?

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