CryptoQuant: CEX USDT reserves reach a record high, providing liquidity for the crypto market
Odaily Planet Daily News: Julio Moreno, head of research at CryptoQuant, said that the rise in the market value of stablecoins in the past few months may contribute to the potential upward trend of Bitcoin and other major cryptocurrencies. The growing market value of stablecoins is a key factor in driving cryptocurrency prices because they provide liquidity to the crypto market.
Data shows that in the past two months, stablecoins have net inflows into CEX. Moreno said: "Stablecoins on exchanges have grown, and CEX's USDT reserves have also reached an all-time high of $22.5 billion so far in 2024."
Moreno pointed out that the market value of stablecoins has reached an all-time high this year, and "the total market value of stablecoins is positively correlated with the rise in Bitcoin prices." (The Block)
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.
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