Cryptomustar
Saturday, March 25, 2023
  • Home
  • Altcoin
  • Bitcoin
  • Ethereum
  • Litecoin
  • Cryptocurrency
  • Blockchain
  • Regulation
  • Market
  • Prices
  • ICO
No Result
View All Result
  • Home
  • Altcoin
  • Bitcoin
  • Ethereum
  • Litecoin
  • Cryptocurrency
  • Blockchain
  • Regulation
  • Market
  • Prices
  • ICO
No Result
View All Result
Cryptomustar
No Result
View All Result
Home Altcoin

BUSD Active Address Plunges By 60% Following Regulatory Crackdown

by Press Release
March 4, 2023
in Altcoin
0
BUSD Active Address Plunges By 60% Following Regulatory Crackdown
0
SHARES
2
VIEWS
Share on FacebookShare on Twitter


Binance USD (BUSD) has suffered a steep decline in active addresses following the regulatory crackdown by U.S. authorities. This development continues a series of dips within the Binance ecosystem in recent weeks.

BUSD Active Address Shows Regression

According to data from Glassnode, the number of active BUSD addresses, based on its seven-day hourly moving average, has dropped to levels not seen since October 23, 2022.

BUSD Active address suffers steep decline: source @glassnode

Currently, BUSD is averaging 94 active addresses per hour compared to the end of 2022, when it averaged more than 250 active addresses hourly. This represents a decrease of 60% and is a significant downturn for the token.

Meanwhile, activity on the two largest stablecoins, USDT and USDC, has witnessed a milder dip. USDT and USDC are down to 5,242 and 2,291, respectively. BUSD decreasing active address indicates the bearish sentiments trailing the Binance ecosystem. 

Binance USD Facing Potential Regulatory Lawsuits

The Binance ecosystem has been rocked in recent weeks. In February, the US Securities and Exchange Commission (SEC) ordered Paxos to stop issuing BUSD.  It was also confirmed that the SEC is planning a major lawsuit against Paxos for violating investor protection laws, with the regulator alleging that BUSD is an unregistered security. 

This caused ripples in the crypto industry as Paxos is a major issuer of BUSD in partnership with the Binance exchange.  U.S.-based exchange Coinbase followed suit by announcing on February 27 that it would stop trading BUSD from March 13. According to the exchange, the asset no longer meets their standards. Users would no longer be able to trade the stablecoin, but their funds will be available for withdrawal anytime.  

Related Reading: Paxos On Hit List – Why SEC Plans To Slap Stablecoin Issuer With A Lawsuit

Given the situation, Changpeng Zhao, the CEO of Binance, estimated that BUSD volumes would be greatly reduced. On February 17, he indicated that capital was beginning to leave BUSD, and most of it was moved to USDT, and he was not wrong. Since the issuance of the stop order for BUSD was announced, its market capitalization has fallen by 40% from $16 billion to $9 billion, according to data from Coingecko. 

BUSD Market Cap has fallen by more than 40% in the 30 days
BUSD Market Cap has fallen by more than 40% in the 30 days: source @coingecko

These negative developments have contributed to the bearish trend of BUSD, with the coin among the top most dumped tokens. Meanwhile, Tether (USDT) appears to have benefited from BUSD’s current regulatory problems. Its market cap volume has grown by over 3%, with investors converting their BUSD to USDT recently. Data analysis firm Santiment also indicated this trend, with the number of long-term USDT holders increasing by 16% since the beginning of the year. 

Related Reading: Binance CEO “CZ” Denies Rumors And Backs Voyager Deal

BUSD Struggles Felt In The Crypto Market

BUSD troubles have cascaded into the crypto market, with several coins in red this week. The leading cryptocurrency Bitcoin is down by 4% this week, and analysts have predicted that the bearish trend could continue for a few weeks. 

BTC has recovered following a major price dip
BTC has recovered following a major price dip: source @tradingview

Featured image from Binance.com, charts from TradingView, Glassnode.com and Coingecko.com





Source link

RELATED POSTS

Tron Founder Justin Sun Eyes $60B Stablecoin Market Cap

Arbitrum ARB IOU Token Trades Around $10

Tags: activeaddressBUSDCrackdownplungesRegulatory
ShareTweetShare

Related Posts

Tron Founder Justin Sun Eyes $60B Stablecoin Market Cap

Tron Founder Justin Sun Eyes $60B Stablecoin Market Cap

by Press Release
March 18, 2023
0

Tron’s stablecoin market capitalization has grown by more than 8% in the last seven days, crossing the $40 billion...

Arbitrum ARB IOU Token Trades Around $10

Arbitrum ARB IOU Token Trades Around $10

by Press Release
March 18, 2023
0

With Ethereum (ETH) layer-2 network Arbitrum set to airdrop its tokens to users next week, community expectations have risen,...

This Little-Known Altcoin Outmuscles Top 200 Cryptos With 85% Gain

This Little-Known Altcoin Outmuscles Top 200 Cryptos With 85% Gain

by Press Release
March 2, 2023
0

There are few things as thrilling in the world of cryptocurrencies as a new altcoin project that gets the...

Helium Sets Solana Migration for March 27

Helium Sets Solana Migration for March 27

by Press Release
February 19, 2023
0

Helium Network migration to Solana now has a proposed date as it is set to happen on March 27....

FTX Users’ Debt (FUD) Token Is Listed on Huobi

FTX Users’ Debt (FUD) Token Is Listed on Huobi

by Press Release
February 5, 2023
0

Permission-less debt marketplace Debt DAO has issued FTX Users’ Debt (FUD) tokens on behalf of FTX creditors and crypto...

POPULAR NEWS

HyperEarn Officially Opens Its Token IDO

HyperEarn Officially Opens Its Token IDO

May 24, 2022
BitMart Innovates with Exclusive “Vote to Earn” NFT

BitMart Innovates with Exclusive “Vote to Earn” NFT

September 21, 2022

Voyage in Paradise announces Plastik Funk as its official partner and NFT Art sneak peek

June 11, 2022
EverCash is Taking BUSD Rewards to the Next Level

EverCash is Taking BUSD Rewards to the Next Level

March 17, 2022
Bitcoin futures ETF is available for trading on NYSE Arca, see how ZT shines in the ETF market

Bitcoin futures ETF is available for trading on NYSE Arca, see how ZT shines in the ETF market

October 25, 2021

EDITOR'S PICK

Cubix: A Game-Changing Way to Experience Sports and Esports

Cubix: A Game-Changing Way to Experience Sports and Esports

December 6, 2022

FTX, a16z-Backed Aptos Blockchain Off to a Rocky Start

October 18, 2022
Crypto Analysts Scramble to Explain Bitcoin's Pause Near $25K

Crypto Analysts Scramble to Explain Bitcoin's Pause Near $25K

February 21, 2023
September 2022 GameFi Report

September 2022 GameFi Report

October 15, 2022

About

We publish a comprehensive news feed covering all news relevant to the crypto user, covering main industry news, politics and regulation as well as consumer-level “news you can use” (practical stuff), including handy DIY tips, links to useful tools, unbiased reviews and opinions revolving around cryptocurrency. Simple logic and real-world examples are preferred before technical jargon and personal rants.

Follow us

Categories

  • Altcoin
  • Bitcoin
  • Blockchain
  • Cryptocurrency
  • Ethereum
  • Litecoin
  • Market
  • Press Release
  • Regulation

Recent Posts

  • Solanaland Announces the Pre-sale of $SLAND Token on PinkSale
  • Bitcoin Hashrate Hits 400 EH/s As Miners Profit From Bull Market
  • Bitwise CIO sees ‘no path forward’ for spot Bitcoin ETF
  • Euler Finance Hacker Sends 51,000 Stolen Ether Back to Protocol
  • About Us
  • Privacy Policy
  • Contact Us

© 2020 cryptomustar.com

No Result
View All Result
  • Home
  • Altcoin
  • Bitcoin
  • Ethereum
  • Litecoin
  • Cryptocurrency
  • Blockchain
  • Regulation
  • Market
  • Prices
  • ICO

© 2020 cryptomustar.com

  • YAM v2YAM v2(YAMV2)$4.70-1.41%
  • yfBetayfBeta(YFBETA)$4.27-0.10%
  • IDLEIDLE(IDLE)$1.44-12.39%
  • WPP TokenWPP Token(WPP)$0.006826-3.49%
  • DSLA ProtocolDSLA Protocol(DSLA)$0.003681-6.85%
  • lympoLympo(LYM)$0.004392-4.43%
  • Werewolf CoinWerewolf Coin(WWC)$0.098082-2.58%
  • PolkaBridgePolkaBridge(PBR)$0.439784-6.92%
  • Dev ProtocolDev Protocol(DEV)$1.76-16.14%
  • EvidenZEvidenZ(BCDT)$0.122949-3.85%