Focusing on the US Consumer Price Index (CPI) inflation data, Bitcoin (BTC) and the general crypto market showed a strong recovery yesterday evening.
The Bitcoin price has risen by 2.8% in the last 24 hours, reaching above $61,000. This increase is thought to be due to the significant stablecoin inflows that occurred last week. Markus Thielen, founder of 10X Research, stated that the increase in stablecoin issuance is affecting Bitcoin’s price movements and could be the key to the next rally.
Thielen noted that approximately $2.8 billion worth of USDT and USDC were issued by Tether and Circle last week, indicating that some institutional investors are pouring new capital into the cryptocurrency market.
According to Thielen, Bitcoin could rise even higher if this trend continues:
“Last week, around $2.8 billion worth of stablecoins were issued by Tether and Circle. This shows that some institutional investors are injecting new capital into the cryptocurrency market. If this stablecoin issuance continues, Bitcoin could rise even higher.”
Stablecoin Inflows Could Be Key to Bitcoin’s Rise
Thielen emphasized that Bitcoin’s sustainable rise will largely come through stablecoins, and that strong stablecoin inflows will require real buying and bullishness:
“Given that other factors have been less influential on Bitcoin’s rally this year, strong stablecoin inflows are critical for BTC’s rally to be sustainable.”
Markus Thielen noted that if the Bitcoin price can stay above the $60,000 level, there is a chance for the rally to continue, adding: “This rally needs to be supported by stablecoin inflows; otherwise, without stronger stablecoin inflows, this rally may not continue.”
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