NewsBTC
2021-09-17 19:00:36

Analyst Puts New Bitcoin ATH For October As Stablecoins Start Pumping Into BTC

Bitcoin analyst says new ATH in October is likely as on-chain data shows stablecoins may have started to pump into BTC. Stablecoins Reserve Starts Moving Down, Bitcoin To Reach New ATH In October? As explained by an analyst on CryptoQuant, after staying at highs, the stablecoins reserve has finally started a decline. Based on this and a couple other indicators, the quant believes there is a high probability we will see a new Bitcoin all time high (ATH) in October. The stablecoins exchange reserve is an indicator that shows the total amount of fiat-tied coins currently present on exchanges. An increase in the value of the metric could suggest an increase in the supply of dry powder for Bitcoin and other cryptocurrencies. When the reserve starts declining, it may mean investors now want to enter into volatile markets and are exchanging these coins to do so. Large withdrawals to personal wallets or to fiat will also show up as a decrease in the indicator. The below chart shows how the value of the stablecoins exchange reserve has changed recently: The reserve indicator vs the Bitcoin price | Source: CryptoQuant As the graph shows, the value of the stablecoins reserve made new peaks just recently. This shows how these fiat-tied coins were piling up on exchanges as investors were waiting to enter volatile markets. Related Reading | On-Chain Data Shows Bitcoin Whales Hold Fort Despite Recent Dips At the moment, it looks li...

获取加密通讯
阅读免责声明 : 此处提供的所有内容我们的网站,超链接网站,相关应用程序,论坛,博客,社交媒体帐户和其他平台(“网站”)仅供您提供一般信息,从第三方采购。 我们不对与我们的内容有任何形式的保证,包括但不限于准确性和更新性。 我们提供的内容中没有任何内容构成财务建议,法律建议或任何其他形式的建议,以满足您对任何目的的特定依赖。 任何使用或依赖我们的内容完全由您自行承担风险和自由裁量权。 在依赖它们之前,您应该进行自己的研究,审查,分析和验证我们的内容。 交易是一项高风险的活动,可能导致重大损失,因此请在做出任何决定之前咨询您的财务顾问。 我们网站上的任何内容均不构成招揽或要约