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Breaking News: BNB Reaches New All-Time High Of $956 As Binance Nears Deal With US DOJ

Cryptocurrency Stablecoins Thrive During Market Downturn and Panic Selloff

Tony "The Bull" Severino
Tony "The Bull" Severino
5 years ago
3 mins read
bitcoin cryptocurrency crypto stablecoin market

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The cryptocurrency market has been in shambles ever since the coronavirus outbreak reached critical levels, however, the panic has been positive for the growth of stablecoins, which have grown by billions in market cap since the selloff first began a month ago.

Stablecoins Provide the Only Flight to Safety Amidst Coronavirus Crisis

The cryptocurrency market, like the stock market, precious metals, and basically any other asset across the world currently, are struggling to maintain valuations during a panic-induced selloff stemming from a global pandemic and sudden recession.

This month, all markets have been bleeding out, with Bitcoin dropping from $10,000 to $4,000 in less than a month, the stock market setting records for the worst trading sessions since 1987, and the valuations of precious metals have had years of growth eliminated in mere days.

Related Reading | No Haven Safe: Silver, Gold and Other Precious Metals Nosedive Alongside Bitcoin

Even safe-haven assets like gold have been suffering as a result of the extreme fear across the globe.

It seems as if no assets are safe, however, stablecoins have continued to do what they do best: provide a stable value and flight to safety during cryptocurrency market volatility.

Stablecoins are cryptocurrency assets typically tied one-to-one with real-world assets, such a real estate, however, its most commonly backed by fiat currencies like the US dollar.

Because values are pegged to the US dollar, valuations rarely fluctuate, and when they do, it is minimal. It’s given them an extremely helpful use case in acting as a flight to safety for investors to avoid losses during economic downturns or market-wide selloff.

Stablecoins can continue to function like other cryptocurrencies, acting as a cross border payment, digital currency, and contactless payment – yet another major benefit during the coronavirus outbreak.

Stablecoins are over $7b as of today. They've tacked on $1.5b in the last month. Nontether stablecoins well over $1b nowhttps://t.co/dKrQzFzAPq pic.twitter.com/70p2yj50hE

— nic 🌠 carter (@nic__carter) March 23, 2020

Cryptocurrency Market Selloff Sparks Growth in Tether Competitors, Tether Expansion

Since the market selloff first began, the stablecoin industry has seen another $1.5 billion in growth over the last month alone. While Tether continues to dominate the overall cryptocurrency market as the king of stablecoins, non-Tether stablecoins have amassed to over $1 billion alone now.

Aside from Tether, growth in USD Coin, Paxos Standard, and many others are contributing to the rapidly expanding figure.

Related Reading | Cryptocurrency Exchange Order Books Are a Ghost Town, Data Shows 

Frightened investors and traders are likely more comfortable and secure sitting in crypto assets that hold their valuations tied to the dollar, the global reserve currency and among one of the few assets holding up to the economic implosion.

And with no end in sight to the chaos that has only just begun, the stablecoin market is likely to continue to grow for the foreseeable future as investors look to any capital protection possible.

Featured image from Shutterstock
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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

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Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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