Insights

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

exchange68September 13, 2024

0 0 1 minute read

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.

Analyst

James Van Straten

Former Lead Analyst at CryptoSlate

James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century’s paramount invention.

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