Bitcoin price hit $ 40,000 once again on February 6, but the largest digital asset could not break this resistance. The price immediately pulled back and at the time of this writing BTC is trading at $ 38,859. Despite the failed attempt, investors’ confidence in the digital asset is growing. Meanwhile, stablecoin volume, especially Tether, is also climbing.

 

 

Many stablecoin transactions are recorded

There is an increasing, large-scale stablecoin movement between exchanges, as the spot market of most cryptocurrencies is active. Huobi sent at least ten transactions of 20 million Tether each to Bitfinex in the past three to four hours, according to Whale Alert. However, the nature of these transactions is not yet known.

As large pieces of Tether moved between exchanges, data showed a spike in exchanges’ stablecoin reserves. This growth in the stock market holding stablecoin is in line with the price activity seen in the market last week.

Tether volume reaches $ 28 billion

Stablecoin reserves on exchanges reached $ 7.2 billion, with BTC rising to $ 39,000, according to data provider CryptoQuant. The chart above shows the sudden increase in stablecoin in the stock markets after February 2, when the reserve was $ 4.86 billion and the value of BTC was close to $ 34,000.

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Meanwhile, the total stablecoin market capitalization is currently estimated at around $ 40.2 billion. Tether is in a leading position in terms of market value, as it has reached $ 28 billion recently. Bitfinex and Tether CTO Paolo Ardoino announced this milestone in a tweet.

Given its importance and reach in crypto circles, Tether also dominates in terms of trading volume. Data from CoinGecko suggested that the stablecoin transaction volume reached $ 91.8 billion and USDT alone accounted for $ 88.3 billion of that volume.

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