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Bitcoin price rally could sustain with decline in stablecoin dominance

Bitcoin price rallied to its local peak of $38,400 on November 24, before pulling back to $37,300, early on Monday. The asset’s late October to early November rally was driven by rising stablecoin reserves on exchanges, according to Santiment data. A similar outcome is expected from the declining stablecoin dominance. Bitcoin mining difficulty noted a difficulty adjustment at block height 818496. The mining difficulty was raised by 5.07%, and climbed to 67.96 Trillion, a record high. The recent spike in mining difficulty is therefore a milestone for the Bitcoin network. BTC price rally to $35,000 was likely catalyzed by the rising Tether and USDC reserves across exchange platforms.

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