Bitcoin remains in the doldrums, with investors anticipating the Fed to announce another jumbo rate hike next month
The price of Bitcoin dropped to a new intraday low of $19,335 on Friday on the Bitstamp exchange.
The largest cryptocurrency plunged lower together with U.S. equities due to stronger-than-expected jobs data. The S&P 500 index lost 2.77%, with all of its major sectors being in the red.
Here’s when a new bull run might start
In a recent Twitter thread, CryptoQuant CEO Ki Young Ju claims that the next parabolic Bitcoin bull run might begin when cryptocurrency exchanges start recording massive USD Coin (USDC) flows.
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The analyst has noted that 94% of the stablecoin’s supply is currently outside exchanges. Some of this supply is owned by such financial giants as BlackRock and Fidelity.
Exchanges will start seeing USDC flows as soon as the aforementioned financial giants get orders from their clients.
Source: https://u.today/bitcoin-keeps-sliding-as-stocks-close-sharply-lower