"I hope that's right, don't suddenly roll down."
Cryptocurrency investors are increasingly paying attention to the wallet "0xea8" who transferred 200 million Binance USD (BUSD) from Binance then deposited 99.95 million First Digital USD (FDUSD) which is a stablecoin backed by a digital asset exchange.
Not only that, the address also transferred over 781 million FDUSD to Binance in the past four months and this means that crypto prices including BTC can rise significantly.
This is because large institutional investors who are accumulating large amounts of stablecoins can push the entire crypto market to witness a very strong bullish movement in the future.
Since most stablecoins are pegged to the USD and can be backed by fiat or minted on Ethereum (ETH) including Tron (TRX), their accumulation can signal institutional interest as well as potential buying pressure.
BTC and ETH prices could continue to rise higher due to stablecoin accumulation by institutional investors plus if the spot BTC ETF in the United States (US) can be approved as soon as possible.
By observation, BTC and other top altcoins are currently in a relatively stable momentum, therefore investors expect their prices to reach higher levels in 2024 ahead of the halving event.
Binance, which has already delisted USDC, will also stop supporting BUSD in 2024, stablecoins such as USDT and FUSD have recently become increasingly popular on the crypto exchange.
