Cryptocurrency

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

quick take

  • There are many factors behind Bitcoin’s resurgence this year, but one of the main ones is the rotation of stablecoins to Bitcoin.
  • CryptoSlate analyzed the depletion of stablecoins on exchanges that eventually converted to BTC.
  • Over the past few days, this revival has begun again, highlighted by a sharp increase in the share of stablecoin supply coinciding with the Bitcoin price above $30,000.
Stablecoin: (Source: Glassnode)
Stablecoin: (Source: Glassnode)
Stablecoin: (Source: Glassnode)

A post about a stablecoin being converted to Bitcoin first appeared on CryptoSlate, with the price surpassing $30,000.

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