How USDT, USDC played a part in Bitcoin, crypto-market’s fall and recovery

📆 11/8/2024 10:21 am
📰 CryptoAmb

⏱ Reading Time:
28 sec. here
2 min. at publisher
📊 Quality Score:
News: 14%
Publisher: 68%

Singapore News News

Singapore Singapore Latest News,Singapore Singapore Headlines

Over the past week, the supply of Tether's USDT and Circle's USDC grew exponentially to $3 billion. Since crypto markets were...

Despite positive performances preceding it, the larger crypto market crumbled on Monday. The start of this week saw all cryptocurrencies decline amid a global stock crash. However,Source: X

According to data shared on X by Lookonchain, Tether transferred $1.3 billion to exchanges and market markers since the Monday crash. The sudden surge in stablecoins has risen since the start of the crypto market tumble, which resulted from traders’ transfers to exchanges. In fact, Cryptoquant’s data revealed that USDT inflows into exchanges spiked by 181% between 3 August and 6 August during the market crash.Equally, data from defiLlama suggested that Binance registered exponential growth in USDT deposits hitting $1.5 billion.

Write Comment

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

Singapore Singapore Latest News, Singapore Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Is USDT in danger as USDC’s market share rises 37%? Assessing…Tether's USDT continues to dominate hitting $114b. USDC is strongly recovery post SVB collapse with 37% gain in market share since.
Source: CryptoAmb - 🏆 22. / 68 Read more »

USDC gains ground: Tether’s market share drops to 74% in 2024Tether USDT market share drops from 82% to 74%. Regulated stablecoins such as USDC gains market share depicting changing market preferences.
Source: CryptoAmb - 🏆 22. / 68 Read more »