A closely tracked crypto trader says Bitcoin (BTC) and the rest of the crypto markets are gearing up for a bounce ahead of the latest consumer price index (CPI) update.
Pseudonymous crypto strategist Cantering Clark tells his 128,200 Twitter followers that he’s keeping a close watch on the USDT dominance (USDT.D) chart, which tracks the market share of stablecoin Tether (USDT) relative to the rest of the crypto markets.
A soaring USDT dominance suggests that market participants are selling their crypto assets to safeguard their capital in Tether. Meanwhile, a correcting USDT.D chart indicates that traders are using their Tether to purchase other digital assets.
Cantering Clark says that he believes the USDT.D chart is poised to correct now that it is hovering close to