Lookonchain: Bitcoin fell below the $60,000 mark due to institutions stopping stablecoin purchases
According to on-chain analysis platform Lookonchain, Bitcoin fell below the $60,000 mark today, possibly due to institutions halting their stablecoin purchases. Institutions stopped receiving USDT from Tether Treasury two days ago and transferred it to exchanges. Previously, on August 9, monitoring showed that since the market crash on August 5, 1.3 billion USDT has been transferred from Tether Treasury to exchanges.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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