Bank of America: Stablecoin Flows to Crypto Exchanges Bode Well for Market Recovery | Crypto

Bank of America: Stablecoin Flows to Crypto Exchanges Bode Well for Market Recovery

– Stablecoin exchange inflows are up, which could mean the crypto market is headed for an eventual recovery, say researchers for Bank of America.
– In a Friday report, analysts Alkesh Shah and Andrew Moss said that despite digital assets behaving like risk assets, stablecoins flowing into exchanges touched $490 million the week before the reporta 58% seven-day increase and the third consecutive week of inflows.
– This is a healthy sign as people using them for real world use cases like payments/remittances are adopted, according to the report.
– The crypto market has been battered this yearalong with U.S. stocksas investors put their money into what are perceived to be safer assets, like the U.S. dollar, and avoid risk.
– Cryptocurrencies are generally considered to be risk assets. Bitcoin, the biggest digital asset by market cap, has largely performed like a tech stock this year, Arcane Research data shows.

stablecoins regulations payments gID 1 Bank of America: Stablecoin Flows to Crypto Exchanges Bode Well for Market Recovery

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