Recent data from the on-chain analysis platform, Glassnode Alerts, has indicated that uncertainty has started to enter the cryptocurrency market. This is seen through the establishment of new one-month lows for major indicators related to Tether (USDT). Glassnode noted that the exchange outflow volume (7d MA) for USDT has recently reached a one-month low of 22,257,226.754 USDT, falling from the previous one-month low of 22,651,224.549 USDT that was recorded on 1 May 2023. Similarly, the number of receiving addresses for USDT has also attained a five-month low of 2,724.173, dropping from the five-month low of 2,727.774 observed on 15 May 2023.

The declining values of these indicators suggest a decrease in the demand for USDT or a shift in user preferences towards other cryptocurrencies or stablecoins. CoinMarketCap data has revealed that the top 10 cryptos by market capitalization had all experienced some level of price drops in the past 24 hours, with some, such as Bitcoin (BTC) and Ethereum (ETH), seeing losses of 0.85% and 0.62% respectively. Other major altcoins, such as XRP, Cardano (ADA), Polygon (MATIC), and Solana (SOL), also suffered from losses greater than 1%.

These metrics serve as indicators of the current state of the crypto market, with its swings being subject to various factors. Therefore, traders must take their cautious approach when engaging in activities related to cryptocurrencies. While the possibility of significant profits can be enticing, it is important to ensure that risk management and capital preservation is a priority. This can be done by staying abreast with current market conditions, researching thoroughly, and having an adequate amount of capital set aside for any potential losses.



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