Data provided by CryptoQuant shows that the amount of stablecoins on cryptocurrency exchanges has reached an all-time high with a staggering $17 billion. Moskovski Capital CIO explained what this data means on Twitter.

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Lex Moskovski shared the huge increase in stablecoins deposited on centralized exchanges on Twitter with the CryptoQuant graphic. Moskovski says all these stablecoins could be used in a possible Bitcoin drop:

“No wonder that once BTC fell to $28,000, it recovered so quickly and the leading cryptocurrency quickly recaptured the $34,000 level.”

Elon Musk Agrees to ‘Talk’ with Jack Dorsey about Bitcoin

On the other hand, Elon Musk continues his critical tweets about Bitcoin. Earlier today, the Tesla CEO tried to mock Bitcoin maximalists by tweeting a questionable and somewhat disturbing joke: “How many Bitcoin maximalists does it take to screw a light bulb?”

Musk has received backlash from prominent Bitcoin supporters such as BlockStream’s CSO Samson Mow and even Twitter CEO Jack Dorsey. Dorsey Musk hosted by Jack on July 21ı “B Word” At the Bitcoin event, Musk and himself talked about Bitcoin. “talk” suggested he do it.

While Elon Musk accepts this, time will tell whether they will reach an agreement.