While expectations of increased U.S. dollar liquidity to support the banking sector following a string of forced closures have helped bitcoin rally, other factors are also at play, according to MorganStanley. willcanny99 reports.
Expectations of increased U.S. dollar liquidity to support the banking sector following a string of forced closures has helped bitcoin rally, but other factors are also at play, Morgan Stanley said in a research report Sunday.“Bitcoin trading order book liquidity is at the lowest level in a year, meaning lower volumes can drive larger price moves than before,” analysts led by Sheena Shah wrote.
Traders on Binance now set the daily price for bitcoin with the crypto exchange’s share of trading volume reaching 80%, the report said. Issuance of the largest stablecoin, tether , has risen 10% in the last month and 16% this year, but this hasn’t been enough to offset the reduction in other stablecoins such as Binance USD and USD Coin , the note said.is a type of cryptocurrency whose value is pegged to another asset, usually the U.S. dollar. Stablecoins flows are indicative of money entering or leaving the crypto ecosystem.
The bank notes that over half of total tether issuance – and 70% of recent issuance – is on the TRON blockchain, the company behind which is now the subject of anRead more:
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