USDT volume slows down as the intensity of the bear market shows signs of a decline. Strong USDT value is more desirable in China as the stronger dollar pushes past important historical CNY levels. The Cryptocurrency market just concluded an overall bearish week marking the second retracement so far this year. Observing stablecoins may provide […]
A key point to note is that there was still a significant amount of exchange outflows. The last recorded exchange inflows averaged slightly over $806 million while the exchange outflow volume amounted to $721.65 million.A potential reason for this outcome is that the market maintained an overall bearish sentiment, hence many traders have been exiting their positions in favor ofAs such, there has been an increased demand for USDT on and off exchanges.
As expected, during a bear market, the higher number of receiving addresses confirms that more traders are opting to hold stablecoins. A good example of this is the strong demand for the USDT inUSDT’s fiat currency trading price in China has broken through 7 CNY. As the market's expectations for a slowdown in the Fed's interest rate hike have weakened, the U.S. dollar index has recently strengthened in stages.
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