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

📆 8/10/2024 8:21 PM
📰 CryptoAmb

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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.

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