CryptoQuant CEO Says It’s Time to Buy Bitcoin (BTC) As Stablecoin Volume On Exchanges Surges.
The CEO of a leading cryptocurrency analytics company is confident that crypto prices will soar again if stablecoins sitting on exchanges can be used to purchase the asset class.
Ki Young Ju, the CEO of leading blockchain analytics firm CryptoQuant, said the volume of stablecoins sitting idle on exchanges is capable of fueling cryptocurrency prices.
Young Ju noted in a recent Twitter update that the total volume of stablecoins, including Tether (USDT), USD Coin (USDC), Binance USD (BUSD), etc., are currently worth over half of the total Bitcoin reserve.
“Stablecoins sitting in exchanges are now worth half of Bitcoin reserve. We have $25B loaded bullets which can make crypto asset prices go up. The question is when, not how,” Young Ju said.
Stablecoins sitting in exchanges are now worth half of #Bitcoin reserve.
We have $25B loaded bullets which can make crypto asset prices go up. The question is when, not how. pic.twitter.com/SQ0ZvBnAMt
— Ki Young Ju (@ki_young_ju) June 30, 2022
Investors Only Waiting for the Perfect Opportunity
The CEO of the leading cryptocurrency analytics company has dismissed reports that crypto investors have deserted the market following a massive decline in digital currency prices.
He noted that most people have only decided to monitor the situation in the market while waiting for the bottom, where they can gladly hop back into their favorite crypto assets.
Young Ju’s assertion is based on the market capitalization of stablecoin, which has only fallen 11% since the beginning of the bear market.
“Bitcoin market cap decreased by -70% from the top while stablecoin went down by just -11%,” CryptoQuant CEO added.
CryptoQuant CEO: Time to Buy BTC
Young Ju further said that is time to deploy stablecoins to buy Bitcoin in order to bolster the price of the top asset class, which will bode well for other crypto assets.
Time to deploy stablecoins to buy $BTChttps://t.co/J7S7mlQYUh
— Ki Young Ju (@ki_young_ju) June 30, 2022
Many investors have decided to convert their Bitcoin holdings to stablecoins following the massive asset class price decline.
On Year-to-Date, Bitcoin has dipped 58.1% despite starting the year at around $48,000. The asset class has fallen below $20,000 on several occasions last month, which gives many the impression that BTC is yet to find its bottom.
For some analysts, including Peter Brandt, Bitcoin’s bottom sits between $10,000 and $14,000. Following this analysis, many are waiting to see if Bitcoin prices will dip to that level before they jump back in.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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