As of June 24, Tether’s month-over-month supply has risen by less than 1.5%, down from over 5% in April and May.
the stablecoin month-on-month supply grew less than 1.5% as of June 24, a considerable drop from over 5% seen in April and May. According to Copper’s head of research, Fadi Aboualfa:
“This indicates that less liquidity is moving into crypto markets as Bitcoin and Ethereum face downward pressures, and altcoins remain far behind with little hope of any significant rally in the short term.”from its all-time highs on March 11, when USDT trading activity peaked at $767.22 billion, to $53.55 billion on June 24. With a market cap of $113 billion, slower growth in USDT’s supply suggests that less money is flowing into the cryptocurrency markets.
“A key factor in the downward revision of global growth expectations is the consistent disappointment in U.S. economic data relative to forecasts,” reads the analysis. The Bloomberg US ECO Surprise Index, which measures the differences between actual macroeconomic data and forecasted figures, has dropped to its lowest level since 2019, the report states. “This decline signifies a widespread acknowledgment of the worsening macroeconomic environment.”
According to ETC Group, the ongoing downward in global growth forecasts, coupled with rising recession risks in the United States, could continue to be a challenge for Bitcoin's price.German gov’t offloads 900 Bitcoin, 400 BTC sent to Coinbase and Kraken
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