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Bitcoin price dips below $60K — But here's why a bigger rally may be brewing
Bitcoin dropped below $60,000 on Sunday after new all-time highs, but stablecoin inflows show this is not a big concern.
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Why Bitcoin dropped after $60K breach
When Bitcoin enters price discovery and hits a new record-high, the interest in the market naturally spikes.
There is a lot of liquidity in the current red-hot market, making it an ideal period for whales and high-net-worth investors to take profit on their positions.
...
How stablecoin inflows can further fuel the BTC rally
But despite, the halt in the rally, stablecoin inflows into exchanges are rising once again, according to the latest data from CryptoQuant.
In the crypto market, traders often hedge their holdings against stablecoins like Tether (USDT) and USDC, rather than cashing out via withdrawals to bank accounts.
Typically, exchanges have a three to seven-day processing period for cash deposits, and when traders want to re-enter the cryptocurrency market, moving cash from their bank accounts back to exchanges becomes cumbersome.
...
https://cointelegraph.com/news/bitcoin-p...be-brewing
Bitcoin dropped below $60,000 on Sunday after new all-time highs, but stablecoin inflows show this is not a big concern.
...
Why Bitcoin dropped after $60K breach
When Bitcoin enters price discovery and hits a new record-high, the interest in the market naturally spikes.
There is a lot of liquidity in the current red-hot market, making it an ideal period for whales and high-net-worth investors to take profit on their positions.
...
How stablecoin inflows can further fuel the BTC rally
But despite, the halt in the rally, stablecoin inflows into exchanges are rising once again, according to the latest data from CryptoQuant.
In the crypto market, traders often hedge their holdings against stablecoins like Tether (USDT) and USDC, rather than cashing out via withdrawals to bank accounts.
Typically, exchanges have a three to seven-day processing period for cash deposits, and when traders want to re-enter the cryptocurrency market, moving cash from their bank accounts back to exchanges becomes cumbersome.
...
https://cointelegraph.com/news/bitcoin-p...be-brewing
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