Bitcoin Could Sail To $70K On The Tailwinds Of Stablecoin Minting, Chinese Stimulus, Renewed Altcoin Activity: 10x Research
Stablecoin Minting Drives Bitcoin Rally The report noted that stablecoin minting has been one of the key drivers of the recent Bitcoin rally. According to data from CryptoQuant, the amount of stablecoins on exchanges has reached a new all-time high of over $12 billion. This indicates that investors are ready to deploy capital into the cryptocurrency market, which could potentially drive prices even higher. Monetary Stimulus in China Adds Fuel to the Fire The 10x Research team also pointed out that the recent monetary stimulus measures taken by the Chinese government could have a positive impact on the cryptocurrency market. With the Chinese economy struggling and inflation concerns rising, investors may turn to alternative assets like Bitcoin and Ethereum as a hedge against inflation and economic uncertainty. Altcoin Activity on the Rise The report also highlighted the renewed activity in the altcoin market, with many smaller cryptocurrencies seeing significant gains in re...