Crypto addresses depositing stablecoins reach new all-time high (ATH)

Coin addresses depositing stablecoins on derivatives exchanges reached a new all-time high (ATH), according to blockchain analytics firm CryptoQuant. The jump comes as the volatility of the US Consumer Price Index (CPI) rose just 0.1% in November, from about 0.4% in the prior month.

According to CryptoQuant analyst Wu Minqiu, “this would indicate that buying pressure is getting stronger than ever or that more investors are engaging in derivatives trades.”

In addition, Federal Reserve (FED) Chairman Jerome Powell mentioned Another rate hike of 50 basis points (bps) at the Fed’s eighth and final meeting this year.

“The final level of rates should be slightly higher than contemplated at the September meeting in the summary of economic projections.”

Fed Chair Jerome Powell

The Federal Open Market Committee (FOMC) meets regularly. getting started Bear the financial and crypto markets in the past. Nonetheless, the latest FOMC meeting – on December 13 and 14 – sent prices down again, according to CryptoQuant analyst Nino.

Following the meeting, the global crypto market cap fell to $806 billion, at the time of writing, from around $870 billion at the time of the FOMC gathering, according to data provided by CoinMarketCap (CMC).

Nino, on the other hand, found that long term holder (LTH) expense output profit ratio (SOPR) has increased despite all the uncertainties. This means that long term bitcoin (btc) Holders with a life span of more than 155 days have sold their assets and made profits.

bitcoin is currently Business At $16,748, down almost two percent in the last 7 days.

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