When the price of Bitcoin goes up, one might assume the buying pressure is coming from stable coins...
However, that is not the case currently.
A quick glance at this chart shows that the number of tethers in circulation is going up right along with the price of bitcoin.
Something that one might not expect if money was simply sloshing from crypto asset to crypto asset....
Instead we are seeing both rise together, which can only mean one thing...
Can you guess what that one thing is?
It means new money is coming into the market and new money is moving both into tether and BTC.
The more money that comes into the crypto market the better, even if it doesn't all go into BTC right away.
Tether, and other stable coins, have long been looked at as dry powder so to speak, representing potential buying power for bitcoin should the right catalyst present itself.
And as it stands right now there has never been more dry powder available for ol bitcoin, even at a time when it is climbing ever closer to its all time highs.
The perfect storm is brewing indeed.
Stay informed my friends.
Posted Using LeoFinance Beta