Stablecoin boom doesn’t guarantee Bitcoin price will explode higher: economistsBTC $7103 (+3%) • ETH $181 (+4.8%) • XRP $0.19 (+1.5%)
With Bitcoin seemingly finding a local top, all eyes in the crypto space have migrated to stablecoins, digital assets tied to and backed by a “stable” reserve asset. Although present in the cryptocurrency industry for 2017 and 2018, the assets have become increasingly important to the market over the past few months, as they’ve grown in supply. In fact, per recent data from blockchain analytics firm Coin Metrics, the value of all stablecoins in circulation just passed over $9 billion for the first time ever. What’s especially interesting about this stat is six weeks ago, the aggregate value of all stablecoins was $6 billion. That’s 50 percent growth in a multi-billion-dollar statistic within a month and a half, making it clear that it isn’t only central banks that are having their money printers operating at full speed. More news ⏬Popular crypto derivatives exchange FTX launches oil futures—here’s what this means for crypto
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Bitcoin has once again found itself caught in the throes of another period of consolidation as the benchmark crypto trades just a hair above its key near-term support at $6,800. Ethereum is the big winner of massive stablecoin growth as issuance hits record number
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Stablecoin boom doesn’t guarantee Bitcoin price will explode higher: economists