Stablecoin Supply Has Reached $12 Billion; Why This is Bullish for Bitcoin

shutterstock 651598474 629x420 1

The amount of stablecoins circulating throughout the crypto market has been tremendous growth in 2020 Although it took this fragment of the market five years grow to $6 billion in size, it has grown to over $12 billion throughout the past six months alone This is an extremely positive development for Bitcoin, as many view the stablecoin supply as “dry powder” that can help ignite future rallies Because billions of dollars are pouring into these tokens each month, it is a strong possibility that this capital will eventually be cycled into Bitcoin The economic turbulence seen by Bitcoin and virtually all other markets throughout the early part of 2020 has given rise to one specific section of the crypto market – stablecoins. Data shows that the amount of capital held within these tokens has doubled over the past six months, with investors adding an average of $1 billion per month…

Read the original article here