Bitcoin

Factor

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You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-prices-recover-quickly-indicating-positive-market-momentum/" data-wpel-link="internal">Bitcoin Prices Recover Quickly Indicating Positive Market Momentum</a> 
Bitcoin (BTC) prices have experienced a rapid recovery, suggesting a continuation of positive momentum in the <a href="https://en.coin-turk.com/top-crypto-analysts-of-the-month/" data-wpel-link="internal">cryptocurrency market</a>. Last week, BTC fell below $50,000 but quickly approached the $60,000 level. This recovery is supported by the decline in the “stablecoin ratio on exchanges,” an important indicator that the selling pressure is decreasing. 
<h2 style="text-align: justify" id="strong-btc-stablecoin-ratio-at-lowest-level-since-february-2023-strong">BTC/Stablecoin Ratio at Lowest Level Since February 2023</h2> 
According to data tracked by blockchain analysis company CryptoQuant, the ratio of BTC held on exchanges to stablecoins has fallen to its lowest level since February 2023. This ratio reflects a long-term downtrend that has been ongoing since June 2022. CryptoQuant noted that this indicates a decrease in the tendency of <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">investors</a> to convert their BTC into stablecoins, thereby reducing selling pressure. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-379313" src="https://coin-turk.com/wp-content/uploads/2024/08/Bitcoin-Stablecoin-Orani.jpeg" alt="" width="1622" height="1014"> 
Stablecoins are known as digital assets that maintain their value pegged to external references like the US dollar. These assets allow investors to trade more securely in the highly volatile cryptocurrency market and are often used to finance spot crypto purchases and derivative transactions. 
According to data obtained from the TradingView platform, the supply of the two largest stablecoins by market cap, Tether (USDT) and USD Coin (USDC), has increased by approximately $2 billion since the market crash on August 5, reaching $150.15 billion. On an annual basis, the supply of USDT and USDC has increased by almost 30%. This indicates that fiat money continues to flow into the market and that investors are trying to buy BTC at lower prices. 
<h2 style="text-align: justify" id="strong-spot-etf-factor-strong">Spot ETF Factor</h2> 
All developments are consistent with constructive market expectations presented by some analysts. Analyst Valentin Fournier from digital asset research company BRN noted that there have been positive net inflows into spot ETFs for assets like BTC and ETH, and that institutional support has continued despite the weekend’s decline. 
Fournier predicted that this support could reduce Bitcoin’s volatility in the long term and that the price of the largest cryptocurrency could approach the upper limit of the $67,000 to $69,000 range in the coming weeks. 
Observations in the Bitcoin market show that investors are holding onto BTC with the expectation of selling at higher prices in the <a href="https://newslinker.co/what-are-the-future-technologies/" target="_blank" rel="noopener" data-wpel-link="exclude">future</a>. This indicates that the market is generally in a positive mood and that Bitcoin’s upward trend may continue. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-prices-recover-quickly-indicating-positive-market-momentum/" data-wpel-link="internal">Bitcoin Prices Recover Quickly Indicating Positive Market Momentum</a></h5>
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Bitcoin Prices Recover Quickly Indicating Positive Market Momentum

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