Stablecoin

Bitcoin

when

USDC

The global digital assets market witnessed a recovery rally as <a href="https://news.todayq.com/bitcoin-etf-sees-258-mln-inflow-what-it-means-for-investors/">Bitcoin</a> (BTC) went on to regain the crucial $65k price level. Reports suggest that the growth in stablecoins’ market capitalization was one of the major factors behind this jump. It is seen as a vital indicator of investor sentiment and industry inflows as stablecoin provides a measure of how much capital is entering the crypto market. Will stablecoin lead to recovery? 
According to reports, from mid-October to mid-April the combined market caps of the biggest stablecoins have surged by 25%. This includes stablecoins like USDT, USDC, DAI, BUSD, USDP, and TUSD. This has provided the market with a period to increase trading volumes and investor confidence. 
However, this growth saw a stagnancy over the past four weeks. The market cap of these top stablecoins has remained flat and showed no major growth or decline. This came to be a critical sign of future market trends. 
Experts suggest that if the market caps of stablecoins begin to rise again then it would suggest a renewed confidence and an influx of capital. It could potentially drive Bitcoin towards new all-time highs. On the other hand, if this hits a decline then it might indicate a withdrawal of funds from the crypto market back into fiat currencies. It could turn hard for the market. 
Data shows that the cumulative stablecoin market cap is marginal up over the past day to stand at $160.5 billion. Its 24 hour trading volume is down by almost 20% to stand at $75 billion. Tether on the top 
The biggest stablecoin, Tether recorded a 0.23% jump in its market cap to stand at $111.21 billion. Its 24 hour trading volume is down by 19% to stand at $61 billion. 
Circle’s USDC also saw a marginal surge over the last 24 hours to stand at $33.3 billion. Its 24 hour trading volume is up by 22% to stand around $6.7 billion. 
Amid this backdrop, Ripple CEO Brad Garlinghouse has stirred controversy by suggesting that U.S. authorities are targeting Tether, a claim made without providing substantial details. On the Worldclass podcast, Garlinghouse stated, “The US government is going after Tether.&nbsp; 
That is clear to me,” but did not elaborate on his sources or evidence. This statement comes at a time when Ripple itself is preparing to launch its own stablecoin, expected to be backed by cash and Treasuries.

Is Crypto market in mood to hit new high, Stablecoin data reveals this

Todayq News

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