Top stablecoins, tether and USD coin, shrink, posing risk to BTC
The crypto market is seeing one of its rarest trends lately, and it doesn’t look good for the valuations of bitcoin and other tokens.
That trend is the contraction in the market capitalization of the top two dollar-pegged stablecoins, Tether and USD Coin (USDC). Their combined market value has declined to 257.9 billion, the lowest since Nov. 20, after peaking near $265 billion in mid-December, according to data from CoinDesk. The drop has been particularly steep over the last ten days.
USDC accounts for most of the slide, with its market cap falling by over $4 billion in ten days and down $6 billion to $71.65 billion since mid-December. Tether’s value has dropped by just over $1 billion to $186.25 billion over…
