Stalled USDT Liquidity Threatens Bitcoin Price Further Growth – Here’s Why

Quick Summary:

These assets are combined valued at $163.56 billion and are critical to digital asset adoption for users with a fear of market volatility.  In relation to Bitcoin’s price, CryptoQuant specifically references Tether (USDT), the largest stablecoin and third largest cryptocurrency with a market cap value of $113.78 billion, as a major influencing factor.  The analytics team explains that USDT’s growth in the last month has been near 0% (1.03%), thus suggesting a slight 3.21% increase in Bitcoin’s price over the same period.

Analyst Highlights "Dangerous” BTC Price Level In other news, amidst Bitcoin’s current price rally, popular crypto analyst Ali Martinez has warned that Bitcoin must maintain its price above the $66,385 level to avoid a massive liquidation of about $42.67 million.  At the time of writing, Bitcoin continues to trade at $66,571 with a notable 4.65% gain in the last day.

According to CryptoQuant, the Bitcoin market, therefore, requires a rapid rise in stablecoin liquidity to maintain its current positive price performance.

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Article Details

Author / Journalist: Semilore Faleti

Category: Crypto

Markets: United KingdomNorth Korea

Topics: Stablecoin USDT BTCUSDT Ali Martinez Btcusd Bitcoin Bitcoin

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-07-20 @ 12:00:29 (13 hours ago)

News Timezone: GMT +8:00

News Source URL: newsbtc.com

Language: English

Article Length: 453 words

Reading Time: 3 minutes read

Sentences: 66 lines

Sentence Length: 7 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © NewsBTC

News ID: 21694538

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Main Topics: Crypto

Official Website: newsbtc.com

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