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Recent data on stablecoin inflows may indicate that traders expect bitcoin to soon surpass its previous all-time high. This expectation is supported by a significant increase in the issuance of stablecoins such as tether (usdt) and usd coin (usdc), which increased by 5.825 billion and 3.803 billion respectively in March. What does this increase mean for the price of crypto?
While usdt and usdc saw a rise, other stablecoins such as binance usd, true usd (tusd) and paypal usd (pyusd) saw a decline. The increase in stablecoin transactions is closely related to major bitcoin price movements.
According to data analytics firm Glassnode, there was a 192% increase in USDT inflows to exchanges from $806.2 million on March 3 to $2.466 billion on March 5, coinciding with Bitcoin breaking its previous high of $69,800.
Interest in the upcoming bitcoin halving has increased significantly worldwide, almost doubling compared to the last time in 2020. This is evident from recent research by CoinWire. Google Trends data shows that searches for information about this event significantly increase from 51 to 100 days before the event. What’s interesting is that the Netherlands tops this list!
When the first bitcoin halving took place in November 2012, there was little awareness of the phenomenon, and it scored a zero on Google Trends. By the time of the second halving in July 2016, there was slightly more interest and the score reached four. However, the third halving in May 2020 saw a big jump in interest, almost thirteen times as much as before.
Bitcoin took a nice dip towards $66,000 and is currently stabilizing around $68,000 at the time of writing. This is happening as many investors look forward to the potential fallout from the upcoming halving event. Bitcoin now faces the challenge of surpassing its previous all-time high of over $73,000 to set new records. According to some analysts at X, this could be close.
A crypto analyst, known by the pseudonym El_crypto_prof, has a positive prediction for bitcoin. On April 12, he shared via a post on
Source: https://bitcoinmagazine.nl/nieuws/goedemorgen-bitcoin-294
