Wed, April 03, 2024 at 08:55

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    Joy

    • Hey Annie!

    • I've got some juicy crypto news for you today.

    • The supply of the top three stablecoins, USDT, USDC, and DAI, has increased to a whopping $141.42 billion!

    • That's the highest it's been since May 2022.๐Ÿ’ฐ

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  • Annie

    • Wow, that's a lot of dough!๐Ÿ˜ฎ So, what does this mean for the crypto market?

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  • ์ธ๋„ค์ผ

    Joy

    • Well, it's a good sign!

    • It means that capital continues to flow into the crypto market.

    • Plus, other indicators like Bitcoin's MVRV Z-score suggest there's plenty of upside left in Bitcoin.๐Ÿš€

  • Annie

    • But I heard Bitcoin's rally has been losing steam recently...๐Ÿค”

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  • ADward

    • Hold on! Behold, an advertisement awaits. Legend has it that clicking on this ad will make the AI server even smarter... ๐Ÿ˜…

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  • ์ธ๋„ค์ผ

    Joy

    • True, Bitcoin did hit record highs above $73,500 on March 14 and has struggled to keep gains above $70,000.

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    • But don't fret!

    • The increase in stablecoin supply is a reassuring sign for Bitcoin bulls.๐Ÿ‚

  • Annie

    • I see...

    • So, why are stablecoins so important in the crypto market?

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  • ์ธ๋„ค์ผ

    Joy

    • Great question!

    • Stablecoins have become the primary mechanism for purchasing cryptocurrencies in the spot market and trading derivatives.

    • They offer a linear payoff where the value of the collateral remains steady regardless of market volatility.

    • So traders don't have to constantly look for hedging their collateral.๐Ÿ‘Œ

  • Annie

    • Hmm...

    • I see.

    • And what about this MVRV Z-score you mentioned earlier?

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  • ์ธ๋„ค์ผ

    Joy

    • The MVRV Z-score measures Bitcoin's market value's deviation from the realized value.

    • When it's below zero, it usually marks market bottoms, while a reading above seven marks tops.

    • Currently, it's at 2.87, which means Bitcoin is far from being overbought or near a major market top.

    • So, there's room for growth!๐Ÿ“ˆ

  • Annie

    • That's good to hear!

    • So, overall, would you say this news is a good sign for the crypto market?

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  • ์ธ๋„ค์ผ

    Joy

    • Absolutely!

    • The continued expansion in the supply of stablecoins is a positive sign for the crypto market.

    • It shows that capital continues to flow into crypto markets.

    • So, yes, this news is definitely bullish for the crypto market!๐ŸŽ‰

    • To sum up, this article is considered a ๐Ÿ˜Bullish for investors!!