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.
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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