About $6 Billion Reportedly Ready To Move Into BTC, ETH, XRP And More – Market Manipulation?
This year is expected to be a really successful one for the crypto industry. Prices for the digital assets are expected to reach the moon, and mainstream crypto adoption is also said to be thriving in 2020.
Despite the considerable market volatility, there have been a lot of optimistic crypto predictions popping up, and the trend will probably continue.
Billions of dollars, on the way to the crypto market
Mati Greenspan crypto analyst said that billions of dollars are about to enter the crypto market.
The money is reportedly ready to move into BTC, ETH, and XRP and the altcoin market large.
Greenspace used data from the crypto research company Messari which shows that the total value of all stablecoins is about $6 billion.
The online publication the Daily Hodl writes that Greenspan’s theory involves the fact that the billions of dollars in the stablecoin market represent traders who have decided to exit their positions in BTC, ETH, XRP, and other cryptos and are waiting for the ideal time to go back into the market.
Nearly $6 billion worth of stable coins ready to move into bitcoin and the alts at a moments notice. pic.twitter.com/ISvWMSZ5DQ
— Mati Greenspan (tweets are not trading advice) (@MatiGreenspan) January 30, 2020
Feedback following the tweet
The feedback that Greenspan received was pretty varied.
Someone tweeted: “Maybe I misunderstand but this is the total market cap of the coins no matter if they’re in ‘use’ or free flow. So I think your assumption is not reasonable (unless we expect that all the free flow will be used/invested from the issuers itself).”
Another follower wrote: “I think we have a couple more corrections in the next month before the boom.”
Someone else accused Greenspan of market manipulation: “Do not manipulate the market with misleading information, there are many inexperienced people. Unfortunately, people start to invest in loan shit to earn regular profit in this industry, that’s why the market cap of stable coins is growing.”
Binance Research released a report back in November that found 96% of those investors are using the stablecoin market. Tether was the favorite, as expected.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.