Thursday, September 16, 2021
Home Crypto News Analysis $1.7 Billion Worth of StableCoins Flowed Into Crypto Exchanges Recently, Making Stablecoins...

$1.7 Billion Worth of StableCoins Flowed Into Crypto Exchanges Recently, Making Stablecoins Supply ATH On Exchanges Touching $19.22 Billion

- Advertisement -

Cryptoquant Chief Says $1.7 Billion Stable Coins Have Been Transferred To Crypto Exchanges, Which May Mean A Bullish Scenario for crypto.


Ki Young Ju, CEO of CryptoQuant, revealed on Twitter that nearly $2 billion in stablecoins have recently been transferred to various crypto exchanges.

There are two possible scenarios for such large amount of stable coins transferred to cryptocurrency exchanges. First is that these stable coins will be used to buy BTC, ETH and other altcoins and that will result in increasing price thus pumping the market, the second scenario is that this could be a preparation from exchanges of user withdrawals before a big coming dip.

Ki Young Ju writes:

“$1.7B worth stablecoins flowed into exchanges lately.

Theoretically, exchanges fill up stablecoins to

1/ buy crypto assets as user request (or exchange side)

2/ prepare user withdrawals before the dip

Hopefully, we’re in scenario 1.”

Now, the supply of stablecoins on spot crypto exchanges has skyrocketed to a new all-time high of $19.22 billion.

The current value of $19.22 billion is a increase of five times from the all-time-high of $4.20 billions stable coins that were present in crypto exchanges in late January.

 

- Advertisement -
Albert Brownhttps://thecryptobasic.com/
Albert Brown has obtained his master's degree in Stock Trading And Investing. His specialty is analyzing the price actions of crypto and stock markets. Albert provides a major role in TheCryptoBasic as a crypto analyst. He is also known for his work on Twinkle Magazine and TipRanks.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Recent News & Articles

El Salvador Chivo Bitcoin Wallet Has Surpassed 500,000 Users

local news reports El Salvador's Chivo bitcoin wallet has already surpassed 500,000 users. window.coinzilla_display = window.coinzilla_display...

Amasa Announces Dual IDO on Trustpad and Chainboost on September 28

Sydney, Australia, 16th September, 2021, Amasa will collaborate with Genesis Shards for a pre-IDO NFT release on September 23. Amasa is thrilled to announce its...

Coinbase Filled An Application with National Futures Association (NFA) To Start Offering Crypto Futures Trading

The cryptocurrency exchange Coinbase is now venturing into cryptocurrency derivatives. window.coinzilla_display = window.coinzilla_display || ; ...

Time Magazine Named Ethereum Co-Founder, Vitalik Buterin As One Of The Most Influential People Of 2021

Time magazine named Ethereum co-founder, Vitalik Buterin as one of the most influential people this year, along with musicians, world leaders, activists and others.

AMC, The Biggest Cinema Chain Worldwide With 1004 Theaters, 11,041 Screens To Start Accepting Ethereum, Bitcoin Cash And Litecoin

AMC CEO, Adam Aron has taken to Twitter to announce that the largest US theater chain will begin accepting Ethereum, Litecoin, and Bitcoin Cash...

TRON And BitTorrent Launch BTTC

San Francisco, California, 15th September, 2021, TRON, one of the world's largest and most popular blockchain-based operating systems, and BitTorrent, the leader in peer-to-peer...

Cardano Alonzo Mainnet Goes Live As Cardano Now Has Smart Contracts Capabilities

Cardano Alonzo upgrade is now live on the mainnet. Read: In Last 3 Months Cardano Adds Over 200,000 New Staking Addresses ...

Subscribe To Our Newsletter

Get Updated with All The latest Crypto News, Articles, Reviews, Analysis and much more. Delivered Every Monday.