Bitcoin Stablecoin Supply Ratio Hits Low, Analysts Believes It Is Good for BTC
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Bitcoin Stablecoin Supply Ratio Hits Low, Analysts Believes It Is Good for BTC

May 25, 2021      Sahaj Sharma

It has been recently revealed through an analytics chart that the Bitcoin stablecoin supply ratio has fallen to a record low and the analysts believe it is good for BTC. In accordance with a chart provided by Glassnode, Bitcoin SSR has declined, hitting the levels lower than in the fall of the year 2020.

Bitcoin Stablecoin Supply Ratio Hits Low

The data revealed by Glassnode, the analytics company, suggests that the purchasing power of stablecoins for Bitcoin has significantly increased.

Lex Moskovski, the CIO of Moskovski Capital, has recently shared a Glassnode chart that shows that the Bitcoin Stablecoin Supply Ratio (SSR) has demonstrated a huge fall.

Well, knowing further about the Bitcoin SSR, it is the ratio between the circulating BTC supply and the supply of the stablecoins denoted in Bitcoin.

It is believed by the experts that this is a bullish factor and if the ratio dives deeper, the current stable coin supply would be possessing greater buying power to purchase Bitcoin.

As per the documents filed with the Securities and Exchange Commission of the United States, the major IT firm Globant has recently made a purchase worth $500,000 worth of Bitcoin.

Elon Musk’s Tweets Pushes Bitcoin in an Upward Direction

Elon Musk recently shared a tweet in which he revealed that he had met with the top executives of several leading Bitcoin miners based in the United States.

The leading Bitcoin miners included Galaxy Digital of Mike Novogratz and called the outcome potentially promising.

Following the tweet by Elon Musk, the cryptocurrency surged five percent and reached the level of $39,960 from $31,000.

Musk shared that the miners have promised to publish data about their current usage of green energy and their plans to increase that amount.

In addition to this, it should be known that many Bitcoin influencers prefer to put the popular FUD label on the global CO2 emissions issue.

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Sahaj Sharma
Sahaj Sharma

Sahaj is an aspiring journalist with a keen interest in cryptocurrency and the whole concept of Blockchain technology. He is positive about the future potential of Cryptocurrency and Blockchain in shaping the world of finance for good. At present, he is covering the latest developments in the field of the cryptosphere.