Coin Gabbar Token

<ul><li>The cryptocurrency market has been rocked by a major shake-up, as the BUSD burn has reached a staggering $2 billion milestone</li><li>This is a major milestone for the cryptocurrency market, as it marks a significant increase in the value of BUSD tokens</li><li>The burn is a process in which BUSD tokens are destroyed, reducing the total supply of tokens and increasing their value</li></ul><h3 id="over-two-billion-us-dollars-have-been-burned-in-the-last-seven-days-representing-a-staggering-financial-loss">Over two billion US dollars have been burned in the last seven days, representing a staggering financial loss.</h3>This amount of money could have been used to fund countless projects, create jobs, and improve the lives of many people. Instead, it has been lost in a matter of days, leaving a devastating impact on the global economy.Binance-backed <a href="https://www.coingabbar.com/en/crypto-currency-news/paxos-ceo-provides-support-binance-dollar-busd-court" rel="noopener noreferrer nofollow">BUSD</a> has witnessed a significant decrease in its supply, with a staggering $5 billion being withdrawn as regulators intensify their oversight of the stablecoin. This is indicative of the growing demand for a reliable and secure form of digital currency, as well as the increasing need for regulatory compliance.Binance USD&#39;s (BUSD) supply has plummeted by 18.2%, amounting to a staggering $2.27 billion, in the past seven days, according to CryptoSlate&#39;s data. This has caused the stablecoin to drop out of the top 10 cryptocurrencies by market cap, as reported by CoinGecko.On Feb. 22, Binance burned $2 billion worth of idle BUSD on the BNB Chain, releasing the BUSD collateral on the Ethereum (ETH) chain. This, combined with the New York Department of Financial Services (NYDFS) ordering Paxos, the issuer of BUSD, to stop minting the stablecoin on Feb. 13, has caused the supply of BUSD to decrease by around $5 billion.In response to this news, blockchain analytical firm Santiment reported that BUSD whales were rapidly dumping the tokens. Additionally, Kaiko data revealed that BUSD briefly traded at a discount against USDT on Feb. 23, and even dropped to a low of $0.20 against the DAI stablecoin on Feb. 22 as liquidity for the stablecoin dwindled.<h4>Profit is a rival for stablecoins</h4>Meanwhile, Binance USD&#39;s (BUSD) declining market capitalization has been a boon for rival stablecoins such as Circle&#39;s USDC, Tether&#39;s USDT, and TrueUSD (TUSD), all of which have seen gains in the past seven days. CryptoSlate data shows that USDC&#39;s market cap increased by $827 million, TUSD rose by $131 million, and USDT by $466 million.Binance CEO Changpeng Zhao (CZ) commented that the stablecoin landscape is undergoing a transformation, with USDT emerging as the major winner due to its increasing market capitalization. USDT&#39;s dominance reached its highest level since May 2022 following these events.However, the lesser-known TUSD <a href="https://www.coingabbar.com/en/crypto-blogs-details/what-are-stablecoins-and-how-do-they-function" rel="noopener noreferrer nofollow">stablecoin</a> has recently seen a surge in adoption. Recently, dormant TUSD coins have been transferred to exchanges, and its crypto exchange supply has reached 73% for the first time since June 2021, according to Santiment. This is a remarkable milestone for the TUSD stablecoin, as it continues to gain traction in the crypto market.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/4d7b6c78437e46fa892d6fcb9821417c.png" />Also read - <a href="https://www.coingabbar.com/en/crypto-currency-news/solana-mainnet-beta-outage-report-released-sol-price-at-risk" rel="noopener noreferrer nofollow">Solana Mainnet Beta Outage Report Released, SOL Price at Risk?</a>

BUSD Burn Hits $2B Mark in Latest Crypto Market Shake-up

Зміст

Coingabbar

Інші статті, опубліковані 28 лют. 2023 р.

GMX Shark and Whale Addresses Continue to Accumulate the Token

Second Ethereum Testnet Successfully Simulates Shanghai Hard Fork

Self-Custody in Crypto, Are There Downsides?

Derby Stars Gallops into a New Era of Horse Racing Game with Early Access Launch

Founders and VCs Still Control Whale Accounts For These Leading DeFi Projects

MultiversX Labs Introduces the xPortal Super App to Bring Web3 and Metaverse to Everyone

Приєднуйтеся до нашої безкоштовної розсилки для отримання щоденних оновлень щодо крипто!