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Home»Altcoins»Binance’s problems are piling up as BUSD loses market cap
Altcoins

Binance’s problems are piling up as BUSD loses market cap

2024-01-08No Comments2 Mins Read
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  • Binance’s BUSD faced a drastic drop in market cap, dropping its supply below 1 billion.
  • BUSD fell 95% from its peak, while BNB Network activity and revenue took a hit.

Binance [BNB] has had a very disturbing 2023, with many trials that have turned both the stock market and the network upside down. Even after the new year started, many of these problems persisted.

A slow decline in interest rates for BUSD

On January 7, Binance’s stablecoin sector saw a notable setback, illustrated by a drastic drop in market cap for Binance’s BUSD.

BUSD supply fell below 1 billion during this period, falling 95% from the peak of 23.45 billion. At the time of writing, BUSD was the sixth largest stablecoin, behind FDUSD, USDT, USDC, and DAI.

Binance’s BUSD Drops Below 1 Billion Supply. At its peak it has a supply of 23.45 billion (down 95%)

It is now the sixth largest stablecoin, after FDUSD

If Stablecoins want to challenge USDC/USDT, there are imo 3 important factors:

1. CEX integration
2. DeFi integration
3. Transfers and payments pic.twitter.com/JTUXfaPpVL

— Tom Wan (@tomwanhh) January 7, 2024

State of the network

The fallout extended to BNB’s network dynamics, where activity fell 66.4% last week.

At the same time, network revenues fell 13.7% over the same period, indicating a worrying trend in user engagement and economic throughput.

Source: token terminal

Legal challenges and price movements

In addition to Binance’s challenges, legal complexities also emerged.

The US Commodity Futures Trading Commission (CFTC) has reached a settlement with Binance CEO Changpeng Zhao (CZ), imposing a $150 million civil penalty on CZ and requiring Binance to release $1.35 billion in ill-gotten fees .

See also  Cardano recovers: can ADA break out towards $0.40?

Former Chief Compliance Officer Samuel Lim was fined $1.5 million. The court also ordered the establishment of a corporate governance structure, strengthening regulatory oversight.

Despite the legal hurdles and FUD, new projects continued to launch on BNB, demonstrating the resilience within the ecosystem.

New projects on BNB Chain this week 🏆https://t.co/HYyVCTR52W

— BNB Chain (@BNBCHAIN) January 7, 2024


How much are 1,10,100 BNBs worth today?


However, BNB’s market reaction remained unfavorable, trading at $295.72 with a decline of 4.17% in the past 24 hours. Trading volume also saw a decline recently.

As Binance navigates these challenges, the stability of its stablecoin, network involvement, and legal resolution will significantly shape its trajectory in 2024.

Source: Santiment



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Binances BUSD cap loses market piling Problems
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