Tether (USDT) and USDC print as Bitcoin targets new highs – BeInCrypto

Bitcoin is touching its latest high near $ 67,000. At this crucial moment the two main stablecoins on the market, USDT and USDC, are printing huge amounts of new money predicting an even bigger rise for Bitcoin.

The beginning of the week has started strongly seeing Bitcoin climb positions, trying again to break its last barrier by flirting to exceed $ 67,000 for each BTC.

Dylan LeClair, analista on-chain, showed how the impression of liquidity through USDT rose again, exceeding 7000 million USDT, this occurs after a huge increase from September 2021 to the present, where the queen of stablecoins has risen from USD1,000 to USD7,200 million.

Source: Glassnode

Rising liquid from Tether’s stablecoin is seen as a clear sign of Bitcoin’s price surge, as there is a correlation between Tether emissions and sudden and dramatic increases in the price of Bitcoin.

Additionally, the second largest capitalization cryptocurrency, USD Coin (USDC), appears to be following in the footsteps of the hegemonic stablecoin by printing large amounts as well. It is important to mention that USDC has increased by having capitalized on greater adoption due to the bad reputation that reigns over Tether due to its lack of transparency of its funds, however Tether’s capitalization is more than double that of the Coinbase stablecoin.

Fountain: Twitter

Bitcoin spot market sales appear to have stopped

In just a few hours the price of Bitcoin has risen more than 2000 dollars quite easily. In part it could be related to the printing of new money as already mentioned, however LeClair observes that one of the keys to the rapid rise may be the exhaustion of the bearish forces in the market. spot:

$ BTC + $ 2,000 in the last two hours without a big spike in futures open interest or perpetual funding.

The current price action is the result of the exhaustion of the spot sale, and not the result of a sudden increase in leverage.

Fountain: Twitter

The market spot It is the real liquid of Bitcoin in the market and generally private investors reign in this spectrum. According to LeClair, the selling force seems to have run out of force giving way to investors who are buying Bitcoin on the market, thus creating an imbalance between demand and supply in which the price rises.

According to BeInCrypto technical analyst There are several Bitcoin indicators that show how bullish momentum is coming as the MACD as well as the RSI are turning bullish following a horizontal move

Disclaimer

All information on our website is published in good faith and for general information purposes only. Any action the reader takes on the information found on our website is strictly at your own risk.

We would love to say thanks to the author of this short article for this outstanding web content

Tether (USDT) and USDC print as Bitcoin targets new highs – BeInCrypto

Dispensary Business News