Stablecoins being converted into Bitcoin helped push BTC price over $30k Insights BitcoinStablecoins
Stablecoins being converted into Bitcoin helped push BTC price over $30k
Bitcoin climbed above 30K thanks to surge in stablecoin conversions
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
James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century's paramount invention.
In this insight
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
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