Bitcoin sell pressure ‘closer to exhaustion’ after $4B USDT market-cap drop: CryptoQuant
Bitcoin analysis suggested that sell pressure would not increase given the historically large contraction in USDT market cap over a 60-day period.
Biggest stablecoin Tether (USDT) has shed $4 billion in market cap in just two months, but history suggests that the downturn is nearly over.
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Onchain analytics platform CryptoQuant in a blog post last week flagged market cap “undergoing one of its sharpest contractions on record.”