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How are stablecoins Tether, USDC influencing Bitcoin’s price movements
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After reaching a market high of $69,000 on 10 November, Bitcoin registered a drop of 15% over the past 10 days. The valuation dropped under the $60,000 threshold and at press time, it is valued at $58,350.
While a low of $55,600 was touched yesterday, the market is appearing to recover at the moment, and one particular Tether trend might be assisting immediate ascent. This article will be analyzing current market movements on exchanges to understand if the role of stablecoins.
Source: Santiment
According to Santiment, stablecoin exchange inflows over the past 24 hours have been significant. Data suggested that Tether registered its highest exchange inflows with over $770 million transferred to the platforms in a couple of hours.
USDC faced
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