- Many in the cryptocurrency industry are predicting new market highs due to recent events.
- The assets’ dollar peg makes them a bridge between web3 and conventional finance.
Crypto exchange Coinbase has received USDC worth $1.4 billion, thanks to the current upswing in the crypto market. The on-chain crypto analytics company CryptoQuant reports that Coinbase had the largest influx of USDC stablecoin assets, valued at $1.4 billion.
The specifics of the transfers are still murky, but market experts are pointing to possible positive pressure as a result of recent patterns and the current spike. This week, the cryptocurrency market continued its upward trend, riding high on institutional investors’ enthusiasm about the recent approval of spot Bitcoin ETFs.
With a price increase of 8.94% in the last7 days, Bitcoin price recovered from a little setback and broke past $70,000, indicating a resurgence in investor enthusiasm. Many in the cryptocurrency industry are predicting new market highs due to recent events.
Bullish Rally Anticipated
The record-breaking $1.4 billion transfer to Coinbase has the potential to ignite fresh demand for purchasing. The reason for this is that stablecoins may be used to buy cryptocurrencies such as Ethereum and Bitcoin. The assets’ dollar peg makes them seem like a bridge between web3 and conventional finance.
After Bitcoin hit a low of $16,800 on January 9, 2023, the price surged due to a $1.3 billion USDC influx that Coinbase reported. Bitcoin emerged from its slumber thanks to a fresh price boom sparked by the influx of stablecoins, which attracted conventional investors who boosted their market exposure.
The transfer of assets to an exchange that leads to a large sale runs counter to this pattern. Large crypto assets being moved to exchanges by bulls indicate a possible impending sell, whilst assets being moved off exchanges are a positive sign.
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