Cryptocurrency status tracker CryptoQuant.com revealed that the total amount of stablecoins held in various exchange wallets had reached $10 billion on the 29th of March. The new record-high for stablecoins came a few weeks after it hit $8 billion.
Citing CrytoQuant data, BTCManager said that investors have been investing in stablecoins. Last weekend, there was a deposit of $500 million worth of USDC on Coinbase. BTC Manager noted the opinion of a crypto enthusiast who believes that Bitcoin could decline as low as 90% as the year goes by. Speaking to CNBC’s Squawk Box Asia on the 29th of March, Bobby Lee said that Bitcoin would enter a “winter” where its value stays low for about two to three years.
With the increasing number of stablecoins held in exchanges, it appears that investors are returning to fiat-backed crypto assets in preparation for the crypto plunge.
There have been several bullish Bitcoin predictions over the past months. Many believe the value of BTC will rise to $100 per coin.
Market analyst John Dough believes that people who buy Bitcoin save money rather than spend it. Dough shared important details on crypto in a tweet, adding that Bitcoin will continue to increase.
At the time of writing, Bitcoin is up 4.48% to $57.551.02.
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