Stablecoin market expands, BTC price rallies as Iran war panic cools: Crypto Daybook Americas
Bitcoin rallied past $70,000 as Iran war tensions eased, alongside growth in the stablecoin market led by USDC and USDT.Summary
The cryptocurrency market experienced positive momentum as concerns over the Iran war subsided, with Bitcoin (BTC) surpassing $70,000, a gain of over 4%. This rally was mirrored by increases in the CoinDesk 20 Index, ether (ETH), solana (SOL), and XRP (XRP), with smaller coins seeing even larger gains. The stablecoin market also showed expansion, with USDC’s market capitalization nearing record highs and USDT’s supply increasing. This growth in stablecoin supply suggests increased capital ready for potential crypto purchases. Despite the bullish trend, caution is advised as the Coinbase Premium Index remains negative, indicating lagging U.S. investor demand. Falling oil prices and a pullback in the dollar index and Treasury yields further contributed to stability in risk assets, including cryptocurrencies.
(Source：CoinDesk)