{"id":518305,"date":"2023-02-01T12:52:49","date_gmt":"2023-02-01T12:52:49","guid":{"rendered":"https:\/\/ktsl888.com\/?p=518305"},"modified":"2024-06-11T08:25:14","modified_gmt":"2024-06-11T08:25:14","slug":"stablecoin-supply-death-cross-bad-news-bitcoin","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/stablecoin-supply-death-cross-bad-news-bitcoin\/","title":{"rendered":"Stablecoin Supply Approaches Death Cross, Bad News For Bitcoin?"},"content":{"rendered":"<p>On-chain data shows the stablecoin supply long-term and short-term moving averages are close to a death cross. Here&#8217;s what it means for Bitcoin.<\/p>\n<h2>Stablecoin Circulating Supply Moving Averages Close In On Death Cross<\/h2>\n<p>As pointed out by an analyst in a CryptoQuant <a href=\"https:\/\/cryptoquant.com\/quicktake\/63d922d1f4b6234f7e935cb9-If-the-circulating-supply-of-stablecoins-does-not-increase-further-I-think-the-c\" target=\"_blank\" rel=\"noopener nofollow\">post<\/a>, if the stablecoin supply doesn&#8217;t increase, a bear market could return for Bitcoin. The &#8220;<a href=\"https:\/\/ktsl888.com\/stablecoin\/arcane-research-stablecoins-supply-drops-almost-19-in-q2-2022\/\" target=\"_blank\" rel=\"noopener \">stablecoin circulating supply<\/a>&#8221; is an indicator that measures the total amount of stablecoin tokens that are currently in circulation.<\/p>\n<p>Generally, the main reason why investors use stables is for escaping the volatility associated with most of the assets in the cryptocurrency market. Such holders may keep their stablecoins ready with them to convert into volatile coins whenever they feel that prices are right to jump back in.<\/p>\n<p>When these investors do swap their stables back for coins like Bitcoin, they provide buying pressure to them and hence give a bullish boost to their prices. Because of this reason, the stablecoin circulating supply may be looked at as a store of buying pressure that can be deployed into any of the assets in the market at any point.<\/p>\n<p>Now, here is a chart that shows the trend in the stablecoin circulating supply 21-day and 100-day moving averages (MAs), as well as in the Bitcoin price, over the past year:<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone aligncenter\" src=\"https:\/\/i0.wp.com\/img.cryptoquant.com\/50615\/quicktake\/s3LuU_a10abd06d4017bfebd0cb9b7252be74412cf9e3c1634e725e79ab38920055eae.png?resize=1280%2C689&#038;ssl=1\" alt=\"Stablecoin Supply Vs Bitcoin\" width=\"1280\" height=\"689\"><\/p>\n<pre style=\"text-align: center\">The values of the two metrics seem to be approaching each other in recent days | Source: <a href=\"https:\/\/cryptoquant.com\/quicktake\/63d922d1f4b6234f7e935cb9-If-the-circulating-supply-of-stablecoins-does-not-increase-further-I-think-the-c\" target=\"_blank\" rel=\"noopener nofollow\">CryptoQuant<\/a><\/pre>\n<p>The year 2020 saw some sharp growth in the stablecoin circulating supply, which, according to the quant, led to the Bitcoin <a href=\"https:\/\/ktsl888.com\/analysis\/xrp\/xrp-whales-accumulate-massive-tokens-is-a-bull-run-coming\/\" target=\"_blank\" rel=\"noopener \">bull run<\/a> observed in 2021. This trend makes sense as the stablecoin supply rising shows that more capital is entering the cryptocurrency market.<\/p>\n<p>From the chart, it&#8217;s visible that this increase was taking place until the February of last year, following which the indicator reversed its direction and started decreasing instead.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/ktsl888.com\/news\/bitcoin\/santiment-explains-why-bitcoin-pullback-past-day\/\" target=\"_blank\" rel=\"noopener \">Santiment Explains Why Bitcoin Saw A Pullback During The Past Day<\/a><\/div>\n<p>This decline in the metric led to the 21-day MA crossing below the 100-day MA. Interestingly, this crossover seems to have coincided with the bear market kicking off for Bitcoin and the wider cryptocurrency sector, which means that this may have acted as a <a href=\"https:\/\/ktsl888.com\/analysis\/btc\/bitcoin-death-cross-2022\/\" target=\"_blank\" rel=\"noopener \">death cross<\/a> for the market.<\/p>\n<p>The short-term MA stayed below the long-term one throughout the bear, but recently, just as the current rally kicked off, a reverse cross took place in which the 21-day finally rose above the 100-day.<\/p>\n<p>This boost in the stablecoin circulating supply might have been what has provided the fuel for the latest move in the Bitcoin price. In the last few days, however, the indicator seems to have once again been dropping off, as can be seen in the graph.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/ktsl888.com\/news\/dogecoin\/dogecoin-whales-move-large-bearish-doge\/\" target=\"_blank\" rel=\"noopener \">Dogecoin Whales Move Large Amounts, Bearish For DOGE?<\/a><\/div>\n<p>The 21-day MA is now once again near the 100-day MA and is at risk of forming another death cross. &#8220;If the circulating supply of stablecoins does not increase further, I think the crypto market will enter a bear market again,&#8221; cautions the analyst.<\/p>\n<h2>Bitcoin Price<\/h2>\n<p>At the time of writing, Bitcoin is trading around $23,000, up 2% in the last week.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-518313 size-large aligncenter\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/02\/chart.png?resize=860%2C313\" alt=\"Bitcoin Price Chart\" width=\"860\" height=\"313\"><\/p>\n<pre style=\"text-align: center\">Looks like BTC is consolidating | Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD On TradingView<\/a><\/pre>\n<div class=\"disclaimer-shortcode\">Featured image from Mark Basarab on Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>On-chain data shows the stablecoin supply long-term and short-term moving averages are close to a death cross. Here&#8217;s what it means for Bitcoin. Stablecoin Circulating Supply Moving Averages Close In On Death Cross As pointed out by an analyst in a CryptoQuant post, if the stablecoin supply doesn&#8217;t increase, a bear market could return for Bitcoin. The &#8220;stablecoin circulating supply&#8221; is an indicator that measures the total amount of stablecoin tokens that are currently in circulation. Generally, the main reason why investors use stables is for escaping the volatility associated with most of the assets in the cryptocurrency market. Such holders may keep their stablecoins ready with them to convert into volatile coins whenever they feel that prices are right to jump back in. When these investors do swap their stables back for coins like Bitcoin, they provide buying pressure to them and hence give a bullish boost to their prices. Because of this reason, the stablecoin circulating supply may be looked at as a store of buying pressure that can be deployed into any of the assets in the market at any point. Now, here is a chart that shows the trend in the stablecoin circulating supply 21-day and 100-day moving averages (MAs), as well as in the Bitcoin price, over the past year: The values of the two metrics seem to be approaching each other in recent days | Source: CryptoQuant The year 2020 saw some sharp growth in the stablecoin circulating supply, which, according to the quant, led to the Bitcoin bull run observed in 2021. This trend makes sense as the stablecoin supply rising shows that more capital is entering the cryptocurrency market. From the chart, it&#8217;s visible that this increase was taking place until the February of last year, following which the indicator reversed its direction and started decreasing instead. Related Reading: Santiment Explains Why Bitcoin Saw A Pullback During The Past Day This decline in the metric led to the 21-day MA crossing below the 100-day MA. Interestingly, this crossover seems to have coincided with the bear market kicking off for Bitcoin and the wider cryptocurrency sector, which means that this may have acted as a death cross for the market. The short-term MA stayed below the long-term one throughout the bear, but recently, just as the current rally kicked off, a reverse cross took place in which the 21-day finally rose above the 100-day. This boost in the stablecoin circulating supply might have been what has provided the fuel for the latest move in the Bitcoin price. In the last few days, however, the indicator seems to have once again been dropping off, as can be seen in the graph. Related Reading: Dogecoin Whales Move Large Amounts, Bearish For DOGE? The 21-day MA is now once again near the 100-day MA and is at risk of forming another death cross. &#8220;If the circulating supply of stablecoins does not increase further, I think the crypto market will enter a bear market again,&#8221; cautions the analyst. Bitcoin Price At the time of writing, Bitcoin is trading around $23,000, up 2% in the last week. Looks like BTC is consolidating | Source: BTCUSD On TradingView Featured image from Mark Basarab on Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/p>\n","protected":false},"author":542,"featured_media":518314,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,461,87753,1119,1144,87751,87752,15241],"class_list":["post-518305","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-bearish","tag-bitcoin-death-cross","tag-btc","tag-btcusd","tag-stablecoin-supply","tag-stablecoin-supply-death-cross","tag-stablecoins"],"acf":[],"yoast_head":"\n<title>Stablecoin Supply Approaches Death Cross, Bad News For Bitcoin?<\/title>\n<meta name=\"description\" content=\"On-chain data shows the stablecoin supply long-term and short-term moving averages are close to a death cross. 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Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. 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