Bitcoin

April

<h2 id="quick-take">Quick Take</h2>
<ul>
<li><span class="css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0">The recent Bitcoin</span><span class="css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0"> pump to $29,000 was helped by the rotation of stablecoins into Bitcoin. </span></li>
<li>According to the stablecoin supply ratio, the oscillator pumped this week to 1.9, going as low as 1.7, which shows the rotation that fuelled the leg up to $29,000.</li>
<li>Stablecoins on exchanges are approaching $20B, the same levels as April 2021.</li>
<li>The month of April saw almost $1.5 billion worth of stablecoins leaving exchanges, a much smaller amount than the previous month in March of almost $10 billion.</li>
</ul>
<figure id="attachment_321432" aria-describedby="caption-attachment-321432" style="width: 1800px" class="wp-caption aligncenter"><img class="wp-image-321432 size-full" src="https://cryptoslate.com/wp-content/uploads/2023/04/SSR.jpg" alt="SSR: (Source: Glassnode)" width="1800" height="1013" srcset="https://cryptoslate.com/wp-content/uploads/2023/04/SSR.jpg 1800w, https://cryptoslate.com/wp-content/uploads/2023/04/SSR-300x169.jpg 300w, https://cryptoslate.com/wp-content/uploads/2023/04/SSR-1024x576.jpg 1024w, https://cryptoslate.com/wp-content/uploads/2023/04/SSR-768x432.jpg 768w, https://cryptoslate.com/wp-content/uploads/2023/04/SSR-1536x864.jpg 1536w" sizes="(max-width: 1800px) 100vw, 1800px" /><figcaption id="caption-attachment-321432" class="wp-caption-text">SSR: (Source: Glassnode)</figcaption></figure>
<figure id="attachment_321433" aria-describedby="caption-attachment-321433" style="width: 1800px" class="wp-caption aligncenter"><img class="wp-image-321433 size-full" src="https://cryptoslate.com/wp-content/uploads/2023/04/SSR1.jpg" alt="Exchange Balance: (Source: Glassnode)" width="1800" height="1013" srcset="https://cryptoslate.com/wp-content/uploads/2023/04/SSR1.jpg 1800w, https://cryptoslate.com/wp-content/uploads/2023/04/SSR1-300x169.jpg 300w, https://cryptoslate.com/wp-content/uploads/2023/04/SSR1-1024x576.jpg 1024w, https://cryptoslate.com/wp-content/uploads/2023/04/SSR1-768x432.jpg 768w, https://cryptoslate.com/wp-content/uploads/2023/04/SSR1-1536x864.jpg 1536w" sizes="(max-width: 1800px) 100vw, 1800px" /><figcaption id="caption-attachment-321433" class="wp-caption-text">Exchange Balance: (Source: Glassnode)</figcaption></figure>
<p>The post <a rel="nofollow" href="https://cryptoslate.com/insights/stablecoin-rotation-into-bitcoin-helped-fuel-the-leg-up-to-29k/">Stablecoin rotation into Bitcoin helped fuel the leg up to $29K</a> appeared first on <a rel="nofollow" href="https://cryptoslate.com">CryptoSlate</a>.</p>

Stablecoin rotation into Bitcoin helped fuel the leg up to $29K

Table of Contents

CryptoSlate

Other articles published on Apr 29, 2023

Binance Launches Open Campus (EDU) Token on Launchpad

Mastercard to add trust to blockchain transactions with Mastercard Crypto Credential

Uniswap price analysis: UNI races to $5.58 after bullish revival

Solidity vs Rust: How to Choose Between the Two for Your Blockchain Project

JPMorgan Uses AI to Analyze Fed Statements for Trading Signals

CryptoAI (CAI) Records an Astonishing 73% Surge, What’s Driving the Rally?

Join our free newsletter for daily crypto updates!