In early 2013, banks had blocked righteous citizens from interacting with cryptocurrencies exchanges. That’s when the crypto industry replaced banks with “stablecoin” of worth $1.
While Bitcoin, Ethereum, and other altcoins are bleeding red, a few of the stable coins like USD Coin, Binance USD, TerraUSD, and Dai are signaling green.
Stablecoins Transactions Spike
Santiment data vendor, took to Twitter saying that large amounts of dollar-pegged stablecoins have been surrounded by whales as they are taking the “best buying opportunities” to buy Bitcoin and other cryptos. Also, Santiment says, as cryptocurrencies are downtrending, whales have been transferring a lot more stablecoins than before.
Traders’ Funds Return To Bitcoin!
Also, Bitcoin is getting back its traders’ funds as interest in altcoins is dropping along with their prices. Another tweet from Santiment claims that altcoins prices are plunging, and so is the interest in altcoins. Hence traders are returning to Bitcoin in order to diminish market volatility. Over the past 24hrs, most of the altcoins have plummeted by double-digits.
Bitcoin Trace Back With More Than 3% Gains
In late March, the flagship currency did enjoy a bullish stance that hit a three-month high of almost $48,000. However, the month of April began on a sluggish note as Bitcoin and other cryptocurrencies began to lose.
Over the past 24hrs, Bitcoin price has witnessed a 3% drop in its market value pulling the whole crypto market to plunge by 2.66% dropping to $2.01 trillion.
On the other hand, Colin Wu, a crypto-journalist and blogger has reported that the Bitcoin drop occurred after the US Federal Reserve’s discussion regarding inflation where the interest rate was hiked by 50 basis points as a possible option. This resulted in the Nasdaq index dropping by almost 4.5% within two days pulling Bitcoin’s price along with it.