Bitcoin

Stablecoins being converted into Bitcoin helped push the price over $30k

04/15/2023
Bitcoin Ethereum News

Quick Take

  • Bitcoins’ resurgence this year has been down to many factors, but one of the main ones is that stablecoins are being rotated into Bitcoin.
  • CryptoSlate has analyzed the depletion of stablecoins on exchanges that ended up being converted into BTC.
  • The past few days have seen this resurgence start again, as highlighted by the sharp increase in the stablecoin supply ratio that coincided with the Bitcoin price above $30,000.
Stablecoins: (Source: Glassnode)
Stablecoins: (Source: Glassnode)
Stablecoins: (Source: Glassnode)
Stablecoins: (Source: Glassnode)

The post Stablecoins being converted into Bitcoin helped push the price over $30k appeared first on CryptoSlate.

Source: https://cryptoslate.com/insights/stablecoins-being-converted-into-bitcoin-helped-push-the-price-over-30k/