Traders Favor USDT, USDC Over Bitcoin Amid Market Shifts

Traders are increasingly favoring dollar-pegged stablecoins USDT and USDC over Bitcoin, as evidenced by recent shifts in dominance rates. According to CoinDesk, Bitcoin's dominance has decreased from 61.20% to 60% since May 5, while USDT's share rose from 7% to 7.5% and USDC's from 2.8% to 3%. This trend reflects a renewed preference for U.S. currency amid expectations that the Federal Reserve may maintain higher interest rates. Bitcoin recently traded near $75,900, following a significant block trade in BlackRock's bitcoin ETF, IBIT, valued over a billion dollars.