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Coin Edition 2024-12-11 08:10:00

Can Stablecoin’s ‘Dry Powder’ Effect Propel Bitcoin Past 100K Once Again?

Can Stablecoin’s ‘Dry Powder’ Effect Propel Bitcoin Past 100K Once Again?

Bitcoin has rebounded from the $94,000 price level and trades at $97,000. The stablecoin (USDT and USDC) supply on exchanges has skyrocketed. Analyst Tony Edward believes that Bitcoin prices will soon surge if BTC finds support. Stablecoin supply is surging while Bitcoin supply on exchanges is dwindling, according to Tony Edward of the Thinking Crypto Podcast. And this ‘dry powder’ by way of surging stablecoin reserves, can drive Bitcoin past $100K once again. Aiming to capture the $2 trillion valuation once more, on-chain data and technical indicators reveal the bull market is far from over. Edward highlighted this trend on X (formerly Twitter). He suggested that the increasing stablecoin reserves on exchanges indicate a buildup of buying power that could propel Bitcoin’s price higher. He explained that this “dry powder” represents traders who took profit during the recent market surge and are now waiting for the opportune moment to re-enter the market. Bitcoin (BTC) rebounded from $94,000 and reached $97,000, trading at $97,524.40 at the time of writing. The digital asset is aiming for $100,000 and a $2 trillion valuation. Despite the recent crash, … The post Can Stablecoin’s ‘Dry Powder’ Effect Propel Bitcoin Past 100K Once Again? appeared first on Coin Edition .

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