Bitcoin trading into the stablecoin USDt nearly tripled in March as the entire market underwent volatility in response to the coronavirus pandemic.
According to CryptoCompare’s March 2020 Exchange Review, investors trading BTC for USDT nearly tripled in March as the price of bitcoin underwent its largest intraday losses on Mar. 12, falling as low as $3,800.
The report reads details that BTC trading into USDt nearly tripled to 21.6 million BTC, up from 7.7 million BTC in February. It adds that the BTC/USDT market now represents 73% of the total BTC traded into fiat currency or a stablecoin.
Investors also rushed to exchange bitcoin for fiat, as trading into USD and JPY surged to 2.7Mn BTC (170% increase) and 1.8Mn (132% increase), respectively.
Volume trading for fiat and stablecoins during March 2020 | Source: CryptoCompare
Stablecoins USDC and PAX overtook the BTC/EUR and BTC/KRW in terms of total volume traded into BTC during the month of March. The BTC/PAX market, in particular, underwent an increase of 153% last month, trading 1.35Mn BTC vs. 0.67Mn BTC in February.
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