Here's what will determine Bitcoin's future trajectory, according to CryptoQuant's director

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Cryptodnes2024/06/14 23:07

By:Cryptodnes

Ki Yong Joo, head of CryptoQuant, said that US Bitcoin trading determines the immediate future of cryptocurrency prices.

Ju confirm , that stablecoins are actually the liquidity carrier that provides leverage in offshore markets, and their market capitalization is starting to grow steadily.

He explained that their relative weight compared to the market capitalizations of Bitcoin и Ethereum decreases. Zhu also argued that stablecoins are not the only factor that should catalyze the expected market surge.

Coinbase's dominance and institutional influence

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Yong Ju emphasized that Coinbase holds the first position in the global spot markets for BTC-USD with 46% of the total trading volume, which is mainly due to institutional brokerage services. Through this dominance, the exchange has become a leading player in the crypto market.

At the time of writing, the price of BTC is $66,702, which for the past seven days represents a decline of 5%. Zhu, however, remains bullish on Bitcoin's future, saying the leading cryptocurrency is undervalued.

Zhu's observations shed light on the complex mix of market dynamics, institutional influence and regional trade preferences that determine the direction of Bitcoin and global crypto markets.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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