Long-Term BTC Holders Are Suffering; Tether Launches Peso-Backed Stablecoin
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On Thursday, the broader crypto market suffered yet another dip despite U.S. stocks experiencing a rally on the back of bolstered retail confidence. BTC plunged further to test the support levels near the $27k to $28.5k region, and even formed a new low at the $27.5k mark on Thursday morning (Asian trading hours). Thankfully, and as of the time of writing, the number one cryptocurrency by market cap has since inched back to trade above the $28.5k support level. However, the short-term upside gains for BTC are limited by the immediate overhead resistance that is sitting near the $29.6k level. Meanwhile, long-term BTC holders are bleeding profusely from their positions. The SOPR for long-term holders has dropped below 1 for the first time in two years, and is fast approaching levels last seen during the liquidity crunch in March of 2020.