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USDT's flashing a golden cross and that may be bad news for bitcoin
Key takeaways
- That may not be good news for bitcoin BTC$63,271.85, the largest cryptocurrency.
- USDT's dominance rate, which measures its share of the total crypto market cap, is sporting a golden crossover, a technical signal that indicates the dollar-pegged token's allocation may increase in the weeks ahead.
- That's a negative signal for bitcoin because it implies crypto market participants are shifting their funds into a token whose value doesn't fluctuate against the dollar, rather than piling into riskier investments.
That may not be good news for bitcoin BTC$63,271.85, the largest cryptocurrency.
USDT's dominance rate, which measures its share of the total crypto market cap, is sporting a golden crossover, a technical signal that indicates the dollar-pegged token's allocation may increase in the weeks ahead.
That's a negative signal for bitcoin because it implies crypto market participants are shifting their funds into a token whose value doesn't fluctuate against the dollar, rather than piling into riskier investments.
Article preview — originally published by CoinDesk. Full story at the source.
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