![Stablecoins being converted into Bitcoin helped push BTC price over $30k](https://cryptoslate.com/wp-content/themes/cryptoslate-2020/imgresize/timthumb.php?src=https://cryptoslate.com/wp-content/uploads/2023/03/bitcoin-Insights-2.jpg&w=70&h=37&q=75)
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.
![Stablecoins: (Source: Glassnode)](https://cryptoslate.com/wp-content/uploads/2023/04/Stables.png)
![Stablecoins: (Source: Glassnode)](https://cryptoslate.com/wp-content/uploads/2023/04/Stables1.png)