Market decline

Over $ 1,200,000,000 in stablecoins deposited on exchanges amid declining crypto market – Santiment analytics firm

“The largest hour-long influx of Tether to the exchanges of the entire year occurred on Thursday. At 8 a.m. UTC, more than 771.6 million USDT was transferred to the exchanges. Then, just 6 hours later, 454 million USDC was then transferred to the exchanges, a 4-month high in itself. ”The company told its 110,000 Twitter followers that on Thursday crypto exchanges experienced a record avalanche of Stable coins in the form of Tether (USDT) and Circle’s USD Coin (USDC).

Following Bitcoin’s correction from $ 69,000 to less than $ 56,000, Santiment says BTC is being discussed online at a considerably lower rate than in June.

Source: Santiment / Twitter

“With altcoins booming for most of 2021, even during times of major volatility, Bitcoin is now being traded at around half the rate it was five months ago. 15% of discussions on crypto platforms are linked to BTC now up from 30% in mid-June. “

Source: Santiment / Twitter

When it comes to altcoins, the crypto analyst firm claims that the trend for a broader crypto correction has been gone. According to Santiment, the metaverse-focused Sandbox (SAND), which rose nearly 50% last week, is challenging the markets while sending out a promising on-chain signal.

“Sandbox is currently at $ 4.32 defying much of the rest of the market-wide correction that occurred this week. SAND’s profit / loss is starting to offset each other again and has always been. an extremely precise leading indicator.

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Source: Santiment / Twitter
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