Stablecoins being converted into Bitcoin helped push the price over $30k

Quick Take

• Bitcoins’ resurgence this year has been down to many factors, but one of the main ones is that stablecoins are being rotated into Bitcoin.
• CryptoSlate has analyzed the depletion of stablecoins on exchanges that ended up being converted into BTC.
• The past few days have seen this resurgence start again, as highlighted by the sharp increase in the stablecoin supply ratio that coincided with the Bitcoin price above $30,000.

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