Rising stablecoin supply sets the stage for the crypto market to see a strong Q3BTC $9427 (+1.9%) • ETH $246 (+3.7%) • XRP $0.20 (+9.3%)
Throughout the crypto market’s consolidation phase, the total supply of circulating stablecoins has been on the rise. Because this rise has come about independent of any type of notable selloff in the market, it appears that investors are pouring fresh capital into these digital assets. There are likely two primary factors causing this rise, including global investors looking to add USD exposure to their portfolios, and so-called “yield farmers” purchasing the stablecoins to tap into lucrative DeFi incentives. This trend has helped drive Bitcoin’s “Stablecoin Supply Ratio” (SSR) to new lows, potentially being indicative of a strong base that could help the entire crypto market experienced a strong third quarter.
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quarta-feira, 8 de julho de 2020
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Rising stablecoin supply sets the stage for the crypto market to see a strong Q3