Matrixport: The issuance of stablecoins provides support for cryptocurrency prices. Shorting ETH is a good choice to hedge against long BTC positions
News on April 8, Matrixport posted on social media that Tether's minting activity shows an increase in the inflow of fiat currency to cryptocurrency, which continues to support the price of cryptocurrency. In the past 7 days, Tether's circulation has increased by $2 billion, and the issuance speed is even faster than at the beginning of January. In addition, Matrixport stated that it had previously criticized Ethereum's upgrade policy when analyzing the impact of each upgrade on ETH prices. With the end of Dencun upgrade, Ethereum's market share dropped from 19% to 16%. The institution suggests using an ETH short strategy as a hedge against BTC long strategy.
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