Marcus Thielen (Markus Thielen) believes that the growth of stablecoin emissions could become a catalyst for the value of the first cryptocurrency. The businessman said that over the past week, issuers of the largest stablecoins by capitalization Tether And Circlt
issued assets worth $2.8 billion. According to the expert, this is a positive sign for the market.
“If this trend of increasing stablecoin emissions, rather than just minting, continues, then Bitcoin may show further growth,” the expert reasoned.
Positive U.S. consumer inflation data alone will not be enough to push Bitcoin past the $60,000-$61,000 resistance zone, Thielen added. Real stablecoin purchases will be needed to initiate a sustained rally, as that factor was critical to a sustained breakout in asset prices, the analyst emphasized.
At the same time, without other factors such as a change in the macroeconomic situation and a more accommodative policy of the Federal Reserve System (US Fed), Bitcoin investors will trade sluggishly in the short term, concluded the CEO of 10x Research.
Earlier, Marcus Thielen stated that over the next few months, the rate of the first cryptocurrency will be determined by the ISM Manufacturing Index, an indicator measured by the US Institute of Supply Management.
Source: Bits
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