Originally published on: September 28, 2024
Bitcoin is on track to hit the $70,000 mark once again, breaking free from the recent downtrend, as per the latest findings from 10x Research. A surge in stablecoin liquidity and a global revival in the crypto market are being credited for the cryptocurrency’s upward trajectory.
The stellar rise in Bitcoin value has been buoyed by factors such as a massive influx of stablecoins post the Federal Reserve’s decision to postpone a key rate cut determination after the July 31 Federal Open Market Committee (FOMC) meeting. The injection of nearly $10 billion in stablecoins has had a profound impact, with traders and investors leveraging these assets to navigate their positions in various cryptocurrencies like Bitcoin.
The total worth of stablecoins in circulation stands at a staggering $160 billion, with Circle’s USD Coin witnessing a surge in demand, particularly from institutional investors. Additionally, China’s recent stimulus policies have played a significant role in propelling Bitcoin’s price upward, with Chinese crypto brokers receiving over $40 billion in inflows in the first half of the year.
Although the crypto market is experiencing a notable rally, Bitcoin’s volatility remains subdued with a 30-day realized volatility of 41%, which is below the five-year average. If the predictions from 10x Research are anything to go by, Bitcoin could hit the $70,000 milestone in the coming weeks, potentially opening doors for further price surges.
Stay tuned for more crypto updates!
