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Investors Dump Stablecoins as Balances Pour into Bitcoin

Published 05/04/2023, 12:30 PM
Investors Dump Stablecoins as Balances Pour into Bitcoin
USDT/USD
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Despite the decline in stablecoin balances, Tether (USDT), the world's largest stablecoin by market value, has gained more dominance in the market.

  • Stablecoin balances on centralized exchanges have reached their lowest point since May 2021.
  • Recent market movements and external factors have ripple effects throughout the sector.
  • Regulatory scrutiny and instability in the stablecoin market have rattled confidence.
Ever since the rise in regulatory crackdowns and the de-pegging of major players like BUSD and USDC, the stablecoin markets have been rattled, even undergoing a decline in total market cap.

As of Monday, the balance stood at just $21.06 billion, according to data from Glassnode. The blockchain analytics firm revealed that the effects have been far-reaching, and even prominent stablecoins such as BUSD, USDT, and USDC have...

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