Matrixport: The issuance of stablecoins provides support for cryptocurrency prices. Shorting ETH is a good choice to hedge against long BTC positions
News on April 8, Matrixport posted on social media that Tether's minting activity shows an increase in the inflow of fiat currency to cryptocurrency, which continues to support the price of cryptocurrency. In the past 7 days, Tether's circulation has increased by $2 billion, and the issuance speed is even faster than at the beginning of January. In addition, Matrixport stated that it had previously criticized Ethereum's upgrade policy when analyzing the impact of each upgrade on ETH prices. With the end of Dencun upgrade, Ethereum's market share dropped from 19% to 16%. The institution suggests using an ETH short strategy as a hedge against BTC long strategy.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Terra Luna Classic Shakes the Crypto Market with Surprising Developments
In Brief LUNC experienced a significant price decline following Do Kwon's sentencing. The court cited over $40 billion losses as a reason for Do Kwon's penalty. Analysts suggest short-term pressure on LUNC may persist, despite long-term community support.
NYDIG: Tokenized Assets Offer Modest Crypto Gains as Growth Depends on Access and Regulation
Trending news
MoreCrypto prices
More
