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Value of Stablecoin Soars as Everything Else in Crypto Shrinks

Price swings have made stablecoin appealing. Massive drawdown in Bitcoin, and traders have been parking their cash in stablecoins.

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Value of Stablecoin Soars as Everything Else in Crypto Shrinks

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  1. Value of Stablecoin Soars as Everything Else in Crypto Shrinks The rise of Stablecoin The rise in the market value implies that crypto traders are moving the assets to cash, as per James Malcolm of UBS. The prices of Bitcoin have nosedived by as much as 50% since November mid, and smaller coins are recording an even greater decline. There is anxiety among traders about how aggressive the Federal Reserve will be in tightening the monetary policy has caused upheavals in the risk assets, causing Bitcoin to tumble below $33,000 in the previous month. There has been a sideway trade of the coin since, and trading volumes have been shriveling up as well.

  2. However, Bloomberg News reports this has been a boon for the stable coins. At $80 billion, Tether is the largest USD Coin is gaining share, and the total market value is standing at $47 billion, compared to under $6 billion a year ago. You can read the full content: https://businessupside.com/2022/02/25/value-of- stablecoin-soars-as-everything-else-in-crypto-shrinks/ -------------------------- Business Upside Email ID: support@businessupside.com Phone No.: +1-425-605-0775 Visit Us: https://www.businessupside.com/ Stay Connected Via: https://www.facebook.com/businessupside https://www.youtube.com/channel/UCuSkeS5oU- B2tRIBDYntmaw https://twitter.com/BusinessUpside1

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