BTC Price Faces Turbulence as Institutional Investors Stop Buying Stablecoins

Institutional investors have paused their accumulation of stablecoins, leading to a significant drop in Bitcoin’s price below a key psychological level. Over the past 24 hours, Bitcoin’s price fell by 3.9%, trading at $58,930 as of 08:03 am UTC on August 12, down from a weekly high of $62,510. The dip below the $60,000 mark appears to be linked to institutions halting their stablecoin buying spree, according to an August 12 post on X by on-chain analytics platform Lookonchain: “Institutions seem to have temporarily stopped buying, and the price of $BTC dropped 4.5% today! We noticed that institutions stopped receiving