The Bitcoin price last saw its local bottom before Tether minted $1.3 billion worth of stablecoins, which helped BTC recover over 21%.
Institutional investors have halted their accumulation of stablecoins over the past two days, causing Bitcoin’s price to drop below a key psychological level.
During the past 24 hours, the Bitcoin (BTC) price fell 3.9% to trade at $58,930 as of 08:03 am UTC on Aug. 12, falling from a weekly high of $62,510.
The drop below the $60,000 mark was likely caused by institutions stopping their stablecoin buying frenzy, according to an Aug. 12 X post from onchain analytics platform Lookonchain:
