Tuesday, January 31, 2023

Stablecoin data points to ‘healthy appetite’ from bulls and possible Bitcoin rally to $25K By Cointelegraph

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(BTC) rallied 11% between Jan. 20 and Jan. 21, reaching the $23,000 level and shattering bears’ expectations for a pullback to $20,000. Even more notable is the move brought demand from Asia-based retail investors, according to data from a key stablecoin premium indicator.

Traders should note that the tech-heavy also gained 5.1% between Jan. 20 and Jan. 23, fueled by investors’ hope in China reopening for business after its COVID-19 lockdowns and weaker-than-expected economic data in the U.S. and the Eurozone.

USDC peer-to-peer vs. . Source: OKX
Exchanges’ top traders Bitcoin long-to-short ratio. Source: Coinglass