{"id":95164,"date":"2024-09-28T10:48:23","date_gmt":"2024-09-28T14:48:23","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=95164"},"modified":"2024-09-28T10:50:35","modified_gmt":"2024-09-28T14:50:35","slug":"bitcoin-eyes-70k-as-stablecoin-inflows","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/bitcoin-eyes-70k-as-stablecoin-inflows\/","title":{"rendered":"Bitcoin Eyes $70K as Stablecoin Inflows and China’s Stimulus Boost"},"content":{"rendered":"\n

Bitcoin has surpassed $65,000, boosted by China's stimulus measures and stablecoin inflows.<\/p>\n\n\n\n

\"Bitcoin<\/figure>\n\n\n\n

A recent report from 10x Research\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> indicates that Bitcoin has emerged from its recent downtrend and is now aiming for the $70,000 mark again. <\/p>\n\n\n\n

The report credits this price surge to several factors, including an influx of stablecoin liquidity and a general recovery in the global crypto market.<\/p>\n\n\n\n

\n

\u201c[\u2026] our immediate attention is on Bitcoin\u2019s recent breakout above $65,000, with a target of $70,000 in the next two weeks and expectations of new all-time highs by late October.\u201d<\/p>\n<\/blockquote>\n\n\n\n

This shift in momentum coincided with Changpeng \u201cCZ\u201d Zhao, founder and former CEO of Binance, being released from U.S. federal prison on September 27.<\/p>\n\n\n\n

Stablecoins Flood Market Post-FOMC Meeting<\/strong><\/h2>\n\n\n\n

The report notes that nearly $10 billion in stablecoins were issued following the Federal Reserve's<\/a> July 31 Federal Open Market Committee (FOMC) meeting, which postponed a key rate cut decision. <\/p>\n\n\n\n

This influx of liquidity has significantly impacted the crypto market<\/a>, as stablecoins serve as a primary asset for traders and investors looking to reposition into other cryptocurrencies like Bitcoin.<\/p>\n\n\n\n

Currently, the total value of outstanding stablecoins surpasses $160 billion, with a significant portion of the inflows attributed to Circle's USD Coin, which is gaining popularity among institutional investors.<\/p>\n\n\n\n

Chinese Stimulus Implications<\/h2>\n\n\n\n

The 10x Research report also emphasizes the effect of China's recently announced stimulus measures on Bitcoin's price trajectory, drawing parallels to the 2014 Bitcoin rally:<\/p>\n\n\n\n

\n

\u201cThe $278 billion Chinese stimulus plan could ignite a parabolic rally in cryptocurrency prices, fueled by increasing global liquidity.\u201d<\/p>\n<\/blockquote>\n\n\n\n

The report estimates that Chinese crypto brokers experienced over $40 billion in inflows during the first half of the year, with 55% of this volume resulting from transactions exceeding $1 million.<\/p>\n\n\n\n

Bigger Bets, Lower Volatility<\/h2>\n\n\n\n

Despite the rally in the crypto market, Bitcoin's volatility remains relatively low, with a 30-day realized volatility of 41%, below the five-year average, according to the report.<\/p>\n\n\n\n

\n

\u201cWith lower volatility, institutional traders\u2014who adhere to strict risk management\u2014can take on bigger positions [\u2026] The likelihood of a Q4 rally is exceptionally high, with gains likely front-loaded.\u201d<\/p>\n<\/blockquote>\n\n\n\n

If the report's predictions hold true, Bitcoin could reach the $70,000 mark within weeks, potentially pushing its price beyond that threshold.<\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin has surpassed $65,000, boosted by China’s stimulus measures and stablecoin inflows. A recent report from 10x Research indicates that Bitcoin has emerged from its recent downtrend and is now aiming for the $70,000 mark again. The report credits this price surge to several factors, including an influx of stablecoin liquidity and a general recovery […]<\/p>\n","protected":false},"author":56,"featured_media":95171,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[152,322,376,1531],"class_list":["post-95164","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-china","tag-cryptocurrencies","tag-stablecoin"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/09\/Bitcoin-Eyes-70K-Amid-Stablecoin-Inflows-and-Chinas-Stimulus-Boost.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/95164","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/56"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=95164"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/95164\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/95171"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=95164"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=95164"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=95164"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}