• May 18, 2024

Satoshihodler.com

All the latest cryptocurrency news

Stablecoins Balance on Exchanges Soars to Historical High

Reading time: < 1 minute

According to CryptoQuant, the volume of stablecoins on cryptocurrency exchanges has grown to the highest level in the history of the market.

Many analysts consider the increase in the balance of stablecoins as a positive signal. Investors enter marketplaces using fiat-backed digital currencies and then buy Bitcoin or Ether.

There are now more than $27 billion in Tether and other stablecoins on exchanges. In early 2022, the exchange balance of such coins dropped sharply against the backdrop of a fall in the value of BTC and altcoins.

However, already in early February, the trend started to change sharply, and investors again started to send stablecoins to crypto platforms. The number of Bitcoins, on the contrary, is declining. As of February 9, there are 2.361 million BTC on the platforms.