According to Copper's report, monthly supply growth for Tether (USDT) was less than 1.5% as of June 24, significantly down from more than 5% in April and May. Trading volume for USDT fell from an all-time high of $767.20 billion on March 11 to $53.50 billion on June 24. With USDT's market cap reaching $113 billion, the slowdown in supply growth indicates less money flowing into the crypto market.
In addition, the Bitcoin market has recently seen a significant increase in daily outflows, with more than $540 million flowing out last week. Over the past 30 days, the Bitcoin price has declined by more than 10%, from $68,000 to $62,000.
Macroeconomic pressures are also having an impact on the crypto market. The ETC Group report notes that downward revisions to global growth expectations and rising recession risks in the U.S. could continue to pose challenges to bitcoin prices.
Report: Slowing Tether Supply Shows Crypto Market Cooling
2024-06-25 21:35:25
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