- CryptoQuant analyst predicts Bitcoin’s swift departure from the $70K threshold.
- The analyst expressed this view amid surging liquidity inflows via stablecoin.
- Tether injected $2 billion into the crypto market last week.
Crypto Dan, a researcher at data analytic firm CryptoQuant, believes Bitcoin will not remain around the recently attained $70K threshold much longer. Crypto Dan expressed this sentiment after observing the heightened level of liquidity flowing into the crypto market recently. The researcher noted that the liquidity inflow has not been for Bitcoin alone but for altcoins as well.
Crypto Market Liquidity Surges, Surpasses All-Time High“The increase in stablecoin supply can indicate purchase demand not only for #Bitcoin but also for other coins, and to that extent, the current market atmosphere can be interpreted as positive.” – By @DanCoinInvestor
Link… pic.twitter.com/mSzvkmbOog
— CryptoQuant.com (@cryptoquant_com) March 11, 2024
In particular, the graph accompanying CryptoQuant’s update underscored that the demand for stablecoin is gradually reaching levels that were last observed in 2021. This trend is illustrated by the recent…
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