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Stablecoins being converted into Bitcoin helped push BTC price over $30k
Bitcoin climbed above 30K thanks to surge in stablecoin conversions
This article was published 3 years ago. Some details may no longer reflect current market conditions or recent developments. If you spot anything that needs an update, contact us.
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.
$76,996.28 -0.33% (24H)
- Market Cap
- $1.54T
- 24H Volume
- $26.05B
- Circulating Supply
- 20.03M
- Dominance
- 60.0%
