Cryptoquant reveals increasing potential buying pressure in stablecoins with deposit transactions
Stablecoins are gaining investors’ transactions in the recent time. Stablecoins are cryptocurrencies, which are backed by fiat currencies, and commodities. But, there is some bad news related to various US banks that led to the fluctuations in the market.
Binance USD (BUSD) stablecoin pegged to the U.S. dollar saw over $500 million outflow in the past 24 hours following the US lawsuit against Binance and CEO Changpeng Zhao data from Cryptoquant revealed.
In the midst of the chaos, there is some positive news also. In the series, Noble has announced a partnership with Circle to bring USD Coin (USDC) natively to the Cosmos ecosystem in Q2. Further, Xapo Private Bank, a bitcoin custodian and licensed platform, has collaborated with Circle to include USD coin payments as an alternative to SWIFT.
Various crypto exchanges reported to have increased inflow of stablecoins as per analytical firm Crypto quant.
As per the report, the highest level of stablecoins balances on crypto exchanges surged on March 5. Despite a sideways Bitcoin price in the short-term, the potential purchasing power of the market is on the rise. Stablecoins inflows are generally a sign that investors could be preparing buy orders at current levels or lower levels.
In addition, the number of stablecoins deposits on hourly basis reveals a peak in deposit transactions on March 12 at OKX, Bitfinex, and Kraken exchanges.
