CoinDesk reports:
CryptoQuant analysts state that Bitcoin’s price has remained stagnant since its peak in March, as the US’s tightening monetary policy reduces the supply of stablecoins.
They noted on July 3rd, “The fundamental reason why Bitcoin cannot further rebound is the US monetary policy tightening since March 2022.”
Consequently, since early 2022, when the Federal Reserve began raising interest rates, the overall supply of stablecoins has been decreasing.
Conditions for USD/BTC rise: “The bottom line is, for #Bitcoin to truly rebound, we need to see an increase in stablecoin liquidity and circulating supply” — read more via @MAC_D46035
