{"id":419445,"date":"2020-03-30T01:03:47","date_gmt":"2020-03-30T01:03:47","guid":{"rendered":"https:\/\/wncen.com\/?p=419445"},"modified":"2020-03-30T01:03:47","modified_gmt":"2020-03-30T01:03:47","slug":"this-key-metric-suggests-the-crypto-markets-downturn-will-be-shortlived","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/this-key-metric-suggests-the-crypto-markets-downturn-will-be-shortlived\/","title":{"rendered":"This Key Metric Suggests the Crypto Market&#8217;s Downturn Will Be Shortlived"},"content":{"rendered":"<p>If you&#8217;ve been on <a href=\"https:\/\/wncen.com\/category\/crypto\/\">Crypto<\/a> Twitter at all over the past few months, you&#8217;ve likely noticed multiple tweets like the one seen below; stablecoin companies, from Tether to Circle and Paxos, are issuing tens of millions of dollars worth of these digital assets day after day.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">\ud83d\udcb5 \ud83d\udcb5  10,000,000 <a href=\"https:\/\/twitter.com\/hashtag\/USDC?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#USDC<\/a> (10,000,000 USD) minted at USDC Treasury<\/p>\n<p>Tx: <a href=\"https:\/\/t.co\/QPZHnQzN3h\" rel=\"nofollow\">https:\/\/t.co\/QPZHnQzN3h<\/a><\/p>\n<p>&mdash; Whale Alert (@whale_alert) <a href=\"https:\/\/twitter.com\/whale_alert\/status\/36391680?ref_src=twsrc%5Etfw\" rel=\"nofollow\">March 29, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>In fact, <a href=\"https:\/\/twitter.com\/nic__carter\/status\/87163138\" rel=\"nofollow\">according to data from blockchain analytics company Coin Metrics,<\/a> the value of all U.S. dollar stablecoins (USDT, Binance USD, USD Coin, etc.) is on the verge of passing $8 billion \u2014 a metric up by 20% in the past month in itself.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">CM has added Huobi dollars (HUSD) and Binance dollars (BUSD) to their community data. Stablecoin supply in the sample is just shy of $8b collectively. My guess is it passes that threshold tomorrow. <a href=\"https:\/\/t.co\/aEOeZIpiDk\" rel=\"nofollow\">https:\/\/t.co\/aEOeZIpiDk<\/a> <a href=\"https:\/\/t.co\/B9WPd1mbsM\" rel=\"nofollow\">pic.twitter.com\/B9WPd1mbsM<\/a><\/p>\n<p>&mdash; nic \ud83c\udf20 carter (@nic__carter) <a href=\"https:\/\/twitter.com\/nic__carter\/status\/87163138?ref_src=twsrc%5Etfw\" rel=\"nofollow\">March 29, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Many believe that this trend suggests the crypto market will perform well moving forward.<\/p>\n<h2>Why It&#8217;s Big For Crypto<\/h2>\n<p>As to why this is\u00a0<span class=\"glossaryTerm\" data-title=\"Bullish\" data-content=\"A descriptive term borrowed from stock markets to describe a positive market outlook.\" data-url=\"\/glossary\/bullish\">bullish<\/span>, Charles Edwards, a digital asset manager,\u00a0<a href=\"https:\/\/twitter.com\/caprioleio\/status\/15956737\" rel=\"nofollow\">noted<\/a>\u00a0earlier this year that \u201cmajor changes in Tether\u2019s\u00a0<span class=\"glossaryTerm\" data-title=\"Market Capitalization\" data-content=\"A measurement of the market valuation for outstanding tokens. Calculated by taking the price of a single token and multiplying it by the amount of tokens not outstanding.\" data-url=\"\/glossary\/market-capitalization\">market capitalization<\/span>\u00a0have led Bitcoin\u2019s price over the last 1.5 years.\u201d<\/p>\n<p>For instance, prior to the nearly 50% crash in November 2018 that saw <a href=\"https:\/\/wncen.com\/category\/crypto\/bitcoin\/\">BTC<\/a> plunge from $6,000 to $3,150 and the rest of the crypto market fall even further, the amount of USDT circulating fell by hundreds of millions; also, prior to the majority of 2019\u2019s 330% rally was the printing of hundreds of millions worth of the coins.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Major changes in Tether&#39;s Market Cap have led Bitcoin&#39;s price over the last 1.5 years.<\/p>\n<p>5 January 2020 was no different.  <\/p>\n<p>A healthy signal. <\/p>\n<p>Keep it printing \ud83d\udda8\ufe0f <a href=\"https:\/\/t.co\/dfe0dBJzwh\" rel=\"nofollow\">pic.twitter.com\/dfe0dBJzwh<\/a><\/p>\n<p>&mdash; Charles Edwards (@caprioleio) <a href=\"https:\/\/twitter.com\/caprioleio\/status\/15956737?ref_src=twsrc%5Etfw\" rel=\"nofollow\">January 13, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The millions of dollars worth of new stablecoins printed over the past few days would suggest that if this historical trend holds true, crypto assets are about to see some strong upside and may be bottoming.<\/p>\n<p>Fundamentally, this makes sense; although there are few details as to how one can deposit U.S. dollars and receive USDT in return, the introduction of\u00a0<span class=\"glossaryTerm\" data-title=\"Fiat\" data-content=\"Currency that has no direct material backing, usually in reference to debt based markets such as USD.\" data-url=\"\/glossary\/fiat\">fiat<\/span> into the space through stablecoins should eventually act as a catalyst for Bitcoin\u2019s growth when USDT holders sell their coins for BTC or other crypto assets.<\/p>\n<p>Su Zhu, CEO of Three Arrows Capital, summed it up nicely in 2019, when he <a href=\"https:\/\/twitter.com\/zhusu\/status\/13458944\" rel=\"nofollow\">wrote<\/a> that with <a href=\"https:\/\/wncen.com\/2019\/02\/19\/six-billion-crypto-sidelines-10000-bitcoin-possible\/\">so much money sitting on the sidelines,<\/a> especially in stablecoins, BTC could appreciate rapidly:<\/p>\n<blockquote><p>Theres an estimated $2B in cash sitting at crypto funds\/holdcos. Theres another $2B+ sitting in stablecoins, and another $2B sitting at exchanges\/silvergate\/signature. This is $6B fiat already onboarded to crypto to buy your bags. Imagine thinking we need new money to hit $10k.<\/p><\/blockquote>\n<p>Indeed, due to the existence of a <a href=\"https:\/\/twitter.com\/krugermacro\/status\/96973057\" rel=\"nofollow\">fiat multiplier\/amplifier (<\/a>$1 entering the crypto space likely means more than $1 of market cap growth due to liquidity), the billions sitting on the sidelines could greatly increase the value of Bitcoin in the future.<\/p>\n<p>The macro backdrop is obviously different now than when Su Zhu made his comment, though historical precedent suggests that the coming months could be rather bullish for the market as it is clear there is money on the sidelines seemingly waiting to enter the space.<\/p>\n<pre>Featured Image from Shutterstock<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>If you&#8217;ve been on Crypto Twitter at all over the past few months, you&#8217;ve likely noticed multiple tweets like the one seen below; stablecoin companies, from Tether to Circle and Paxos, are issuing tens of millions of dollars worth of these digital assets day after day. \ud83d\udcb5 \ud83d\udcb5 10,000,000 #USDC (10,000,000 USD) minted at USDC Treasury Tx: https:\/\/t.co\/QPZHnQzN3h &mdash; Whale Alert (@whale_alert) March 29, 2020 In fact, according to data from blockchain analytics company Coin Metrics, the value of all U.S. dollar stablecoins (USDT, Binance USD, USD Coin, etc.) is on the verge of passing $8 billion \u2014 a metric up by 20% in the past month in itself. CM has added Huobi dollars (HUSD) and Binance dollars (BUSD) to their community data. Stablecoin supply in the sample is just shy of $8b collectively. My guess is it passes that threshold tomorrow. https:\/\/t.co\/aEOeZIpiDk pic.twitter.com\/B9WPd1mbsM &mdash; nic \ud83c\udf20 carter (@nic__carter) March 29, 2020 Many believe that this trend suggests the crypto market will perform well moving forward. Why It&#8217;s Big For Crypto As to why this is\u00a0bullish, Charles Edwards, a digital asset manager,\u00a0noted\u00a0earlier this year that \u201cmajor changes in Tether\u2019s\u00a0market capitalization\u00a0have led Bitcoin\u2019s price over the last 1.5 years.\u201d For instance, prior to the nearly 50% crash in November 2018 that saw BTC plunge from $6,000 to $3,150 and the rest of the crypto market fall even further, the amount of USDT circulating fell by hundreds of millions; also, prior to the majority of 2019\u2019s 330% rally was the printing of hundreds of millions worth of the coins. Major changes in Tether&#39;s Market Cap have led Bitcoin&#39;s price over the last 1.5 years. 5 January 2020 was no different. A healthy signal. Keep it printing \ud83d\udda8\ufe0f pic.twitter.com\/dfe0dBJzwh &mdash; Charles Edwards (@caprioleio) January 13, 2020 The millions of dollars worth of new stablecoins printed over the past few days would suggest that if this historical trend holds true, crypto assets are about to see some strong upside and may be bottoming. Fundamentally, this makes sense; although there are few details as to how one can deposit U.S. dollars and receive USDT in return, the introduction of\u00a0fiat into the space through stablecoins should eventually act as a catalyst for Bitcoin\u2019s growth when USDT holders sell their coins for BTC or other crypto assets. Su Zhu, CEO of Three Arrows Capital, summed it up nicely in 2019, when he wrote that with so much money sitting on the sidelines, especially in stablecoins, BTC could appreciate rapidly: Theres an estimated $2B in cash sitting at crypto funds\/holdcos. Theres another $2B+ sitting in stablecoins, and another $2B sitting at exchanges\/silvergate\/signature. This is $6B fiat already onboarded to crypto to buy your bags. Imagine thinking we need new money to hit $10k. Indeed, due to the existence of a fiat multiplier\/amplifier ($1 entering the crypto space likely means more than $1 of market cap growth due to liquidity), the billions sitting on the sidelines could greatly increase the value of Bitcoin in the future. The macro backdrop is obviously different now than when Su Zhu made his comment, though historical precedent suggests that the coming months could be rather bullish for the market as it is clear there is money on the sidelines seemingly waiting to enter the space. Featured Image from Shutterstock<\/p>\n","protected":false},"author":497,"featured_media":419469,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[679,6664,2887,41635,11164],"class_list":["post-419445","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin-price","tag-crypto","tag-market","tag-nic-carter","tag-stablecoin"],"acf":[],"yoast_head":"\n<title>This Key Metric Suggests the Crypto Market&#039;s Downturn Will Be Shortlived<\/title>\n<meta name=\"description\" content=\"If you&#039;ve been on Crypto Twitter at all over the past few months, you&#039;ve likely noticed multiple tweets like the one seen below; stablecoin companies,\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wncen.com\/news\/this-key-metric-suggests-the-crypto-markets-downturn-will-be-shortlived\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"This Key Metric Suggests the Crypto Market&#039;s Downturn Will Be Shortlived\" \/>\n<meta property=\"og:description\" content=\"If you&#039;ve been on Crypto Twitter at all over the past few months, you&#039;ve likely noticed multiple tweets like the one seen below; 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