The price of Bitcoin recorded significant leaps in the past month rising by 14.74% according to data from CoinMarketCap. During this price rally, the premier cryptocurrency came close to establishing a new market all-time high, reaching a local peak of $73,149 on October 29. Interestingly, CryptoQuant CEO Ki Young Ju has stated a certain condition needed to sustain this price gain. Related Reading: Tracking Bitcoin’s Profit Cycles: Could A New Market High Be Near? Low Stablecoin Exchange Reserve Provides Need For Bitcoin ETFs In a series of X posts on November 1, Ki Young Ju stated that stablecoins currently provide an insufficient amount of liquidity to sustain the present buying pressure on Bitcoin. This observation is particularly important as traders commonly rely on stablecoins to acquire volatile assets such as Bitcoin, due to their fixed dollar value. Therefore, a higher stablecoin exchange reserve translates into significant potential for an impending price gain via wide-scale purchase. However, According to Young Ju, crypto exchanges currently hold only 21% of the total stablecoin market i.e. $34 billion of $166 billion, as most of th ..
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