Amid the rise of stablecoins and optimism surrounding Bitcoin, the crypto market prepares for a new growth phase. Bitcoin trades above $87,000 fueled by institutional investments and U.S. presidential support.
Stablecoin Market Surpasses $237 Billion
According to CoinGecko, the stablecoin market cap exceeds $237 billion, up by 0.2% in the past 24 hours. USDT and USDC lead the market. The global M2 is also on the rise, which could pump more capital into Bitcoin and crypto markets, especially with the expected QE in April, as hinted by the Fed.
Dollar-Backed Stablecoins: Gateway to the Digital World
Dennis Porter, CEO of the Satoshi Act Fund, highlighted the importance of stablecoins for granting billions access to the digital world. He noted that using dollars allows better planning for the future, including Bitcoin investments.
Bitcoin – A New Type of Store of Value
Recent IMF statements acknowledge Bitcoin as a store of value. With potential U.S. gold reserves being sold to buy Bitcoin, the cryptocurrency is becoming 'digital gold'. These developments have driven Bitcoin prices above $87,000, supported by institutional interest and White House plans.
The events surrounding the rise of stablecoins and support for Bitcoin may launch a new major rally in the crypto market. Global financial institutions and leaders' statements will be closely watched in the near future.
