Matrixport: The issuance of stablecoins provides support for cryptocurrency prices. Shorting ETH is a good choice to hedge against long BTC positions
News on April 8, Matrixport posted on social media that Tether's minting activity shows an increase in the inflow of fiat currency to cryptocurrency, which continues to support the price of cryptocurrency. In the past 7 days, Tether's circulation has increased by $2 billion, and the issuance speed is even faster than at the beginning of January. In addition, Matrixport stated that it had previously criticized Ethereum's upgrade policy when analyzing the impact of each upgrade on ETH prices. With the end of Dencun upgrade, Ethereum's market share dropped from 19% to 16%. The institution suggests using an ETH short strategy as a hedge against BTC long strategy.
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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Mars Morning News | ETH returns to $3,000, extreme fear sentiment has passed
The Federal Reserve's Beige Book shows little change in U.S. economic activity, with increasing divergence in the consumer market. JPMorgan predicts a Fed rate cut in December. Nasdaq has applied to increase the position limit for BlackRock's Bitcoin ETF options. ETH has returned to $3,000, signaling a recovery in market sentiment. Hyperliquid has sparked controversy due to a token symbol change. Binance faces a $1 billion terrorism-related lawsuit. Securitize has received EU approval to operate a tokenization trading system. The Tether CEO responded to S&P's credit rating downgrade. Large Bitcoin holders are increasing deposits to exchanges. Summary generated by Mars AI. The accuracy and completeness of this summary are still being iteratively improved by the Mars AI model.
The central bank sets a major tone on stablecoins for the first time—where will the market go next?
The People's Bank of China held a meeting to crack down on virtual currency trading and speculation, clearly defining stablecoins as a form of virtual currency with risks of illegal financial activities, and emphasized the continued prohibition of all virtual currency-related businesses.
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