Crypto exchanges saw a massive inflow of over $550 million in stablecoins this morning as the price of bitcoin looks bullish having broken above $36,000 yesterday. The massive flow of stablecoins suggests that the market is gearing up to make more purchases thus a bullish sign.
— CryptoQuant.com (@cryptoquant_com) February 3, 2021
Stablecoin inflow reached a new all-time high with the massive inflow of $552 million. The massive inflow of stablecoin into exchanges also comes just hours before MicroStrategy’s yearly conference which would be focused on Bitcoin for corporations this time around as the firm is one of the most bullish institutions with nearly $2.5 billion in bitcoin holding.
If you are interested in the legal considerations firms face while integrating #Bitcoin into their corporate strategy, you are not alone. We have professionals from more than 1400 firms joining us tomorrow for this discussion. There is still time for your legal team to attend. https://t.co/fid9nrZUfP
— Michael Saylor (@michael_saylor) February 2, 2021
MicroStrategy bought another $10 million worth of Bitcoin yesterday to make it their second ‘bitcoin dip’ purchase. The software giant’s CEO Michael Saylor has turned into one of the biggest bitcoin proponents who sees Bitcoin as the future of finance.
Is Bitcoin Finally Looking to Make a Move?
The top cryptocurrency is currently trading above $36,000 trying to break the $40,000 mark again after being stuck under the $33k price range for most of the past three weeks. The price shot up post-Elon Musk endorsement, however, soon fell back to previous levels losing all the gains within 24 hours. The recent halt in price action after a phenomenal run to $42,000 was attributed to weak hands leaving the market as whales and retail traders cashed out after the peak.
As the exchange stablecoin balance peak near an all-time-highs, it seems the market is gearing up for another buying spree that could possible send bitcoin price soaring in the short term.
The MicroStrategy conference could add to the bullish momentum as hundreds of institutions would join in to understand the importance of bitcoin in the financial future and chances are many would follow in the footsteps of the software giant and go on to add Bitcoin to their company portfolio.