“When news about unlimited support for bank deposits made the rounds, bitcoin prices exploded from $20,000 to $28,000 within a matter of days,” said Thielen in a note to clients on Thursday. “But it would appear that holders of USDC either converted their Circle stablecoin into Tether’s USDT or that they simply sold $10 billion of USDC and bought bitcoin instead.”
Source: https://www.coindesk.com/markets/2023/04/06/stablecoin-tethers-market-valuation-nears-record-high-of-83b/?utm_medium=referral&utm_source=rss&utm_campaign=headlines