Stablecoin

bullish

Solana

2024

Bitcoin

<p>The post <a href="https://coinpedia.org/news/bitcoin-news-today-stock-markets-rally-but-btc-price-stays-behind-despite-stablecoin-growth/">Bitcoin News Today: Stock Markets Rally, But BTC Price Stays Behind Despite Stablecoin Growth</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>Bitcoin’s (<a href="https://markets.coinpedia.org/bitcoin/" target="_blank" rel="noreferrer noopener">BTC</a>) price slipped to $56k on Thursday before regaining the crucial support level above $58k during the early European session on Friday. The flagship coin has been forming a bullish flag in the past few days, which could lead to a potential breakout towards $67k soon.&nbsp;</p> 
<p>However, the ongoing crypto correction that began in March 2024 has increased fear of further crashes in the coming weeks before the inevitable rebound to a new all-time high. Moreover, Bitcoin’s fear and greed index has maintained below 30 percent, demoting extreme fear in the past few days.</p> 
<h2 class="wp-block-heading" id="h-bitcoin-price-and-major-stock-indexes">Bitcoin Price and Major Stock Indexes</h2> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">As a reminder, in 2019, also a year that the Fed cut rates, <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> diverged from <a href="https://twitter.com/hashtag/SPX?src=hash&amp;ref_src=twsrc%5Etfw">#SPX</a> as well.<br><br>So many people keep acting like this stuff is unprecedented and hard to believe, but the *exact* same thing happened last cycle. <a href="https://t.co/bTlm5yYtWk">https://t.co/bTlm5yYtWk</a> <a href="https://t.co/hSmPn75ZcK">pic.twitter.com/hSmPn75ZcK</a></p>— Benjamin Cowen (@intocryptoverse) <a href="https://twitter.com/intocryptoverse/status/1824244180912124123?ref_src=twsrc%5Etfw">August 16, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>Despite the notable adoption of Bitcoin by institutional investors, as shown by the <a href="https://coinpedia.org/news/bitcoin-etf-approved-heres-what-next-for-crypto-market/" target="_blank" rel="noreferrer noopener">approval of spot BTC ETFs </a>and central banks’ indirect exposures, the flagship coin has lagged behind the ongoing rebound in the stock market.</p> 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 <p>“Traders are perplexed by the current disconnect between the strong rally in U.S. tech stocks and the underperformance of the crypto market,” analysts at 10Xresearch <a href="https://mail.10xresearch.co/p/bitcoins-path-66000-blocked-despite-strong-macro-tailwinds-heres" target="_blank" rel="noreferrer noopener nofollow">noted</a>.</p> 
</blockquote> 
<h2 class="wp-block-heading" id="h-ballooning-stablecoins-supply-nbsp">Ballooning Stablecoins Supply&nbsp;</h2> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">Currently, stablecoins on all exchanges are reaching historically high levels.<br><br>IMO, buying power will become stronger than ever in the near future.<a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> <a href="https://t.co/m2TXW8xj7X">pic.twitter.com/m2TXW8xj7X</a></p>— 우민규 (Woominkyu) (@Woo_Minkyu) <a href="https://twitter.com/Woo_Minkyu/status/1824284229548806328?ref_src=twsrc%5Etfw">August 16, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>The stablecoins supply has gradually increased since the August 5 crypto crash, which wiped out over $1.5 billion from leveraged traders. Led by Tether <a href="https://markets.coinpedia.org/tether/" target="_blank" rel="noreferrer noopener">USDT</a>, on-chain data shows a significant spike in stablecoins flow to centralized exchanges, which are presumed to be buying the dip.</p> 
<p>Earlier today, Circle minted $250 million on the Solana (<a href="https://markets.coinpedia.org/solana/" target="_blank" rel="noreferrer noopener">SOL</a>) network, and since the crypto correction began in April, it has minted $4.5 billion.</p> 
<p>In the past two days, Cumberland has transferred more than 320 million USDT to different CEXs. According to on-chain data, Cumberland has received over $1.2 billion from Tether and sent them to different exchanges since August 5.&nbsp;</p> 
<p>The notable spike in stablecoins supply is assumed to indicate a bullish sentiment, as more institutional investors rush to accumulate.</p> 
<h2 class="wp-block-heading" id="h-midterm-price-targets">Midterm Price Targets</h2> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">While I do expect our green demand zone to hold at this time, I would not be surprised for us to see some more chop here in the coming days. <br><br>We front ran local supply above on the last move up. Clear this and we are good to squeeze to 63k but while we are below it have to be a… <a href="https://t.co/yHgnUcYjKV">https://t.co/yHgnUcYjKV</a> <a href="https://t.co/HOdOM5nluh">pic.twitter.com/HOdOM5nluh</a></p>— CrediBULL Crypto (@CredibleCrypto) <a href="https://twitter.com/CredibleCrypto/status/1824272915979964675?ref_src=twsrc%5Etfw">August 16, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p><a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/" target="_blank" rel="noreferrer noopener">Bitcoin price</a> is at a crucial crossroads that could lead to further capitulation towards $50k or a major rebound above $67k. From a technical standpoint, Bitcoin price must regain the crucial support level above $59k to ensure bullish momentum in the near term.</p> 
<p>With August and September anticipated to remain bearish months for the crypto space, a possible Bitcoin price retrace to $50k before a rebound to a new all-time high is very likely.</p> 
<p>Also Check Out: <a href="https://coinpedia.org/price-analysis/ethereum-price-analysis-heres-why-eth-bulls-are-falling-short-of-strength-as-bearish-targets-get-activated/" target="_blank" rel="noreferrer noopener">Ethereum Price Analysis: Here’s Why ETH Bulls Are Falling Short of Strength as Bearish Targets Get Activated</a></p>

Bitcoin News Today: Stock Markets Rally, But BTC Price Stays Behind Despite Stablecoin Growth

Table of Contents

CoinPedia News

Other articles published on Aug 16, 2024

Taiwan and Binance Partner to Crack Down on Major Crypto Money Laundering Case

Hedge Your Bets: Analysts Discuss Best Ways to Diversify Your Portfolio Ahead of The Q3 Bullrun

Why is the Price of Bitcoin Exploding on Some Platforms and not on Others?

Tap Sabio Market Titans and Earn Free Funded Accounts

Chainlink Data Streams and VRF Launch on Base, Boosting DeFi and dApp Capabilities

US Policy Group Proposes Bitcoin Tax-Free Zone to Boost Digital Economy

Join our free newsletter for daily crypto updates!