{"id":521805,"date":"2023-03-03T18:30:25","date_gmt":"2023-03-03T18:30:25","guid":{"rendered":"https:\/\/wncen.com\/?p=521805"},"modified":"2024-06-11T14:33:02","modified_gmt":"2024-06-11T14:33:02","slug":"binance-usd-loses-43-of-market-cap-value-following-regulation-issues","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/binance-usd-loses-43-of-market-cap-value-following-regulation-issues\/","title":{"rendered":"Binance USD Loses 43% Of Market Cap Value Following Regulation Issues"},"content":{"rendered":"

Binance USD (BUSD)<\/span> has suffered a significant loss of about 43%<\/span> of its market cap value in the last 3 weeks following a regulatory crackdown by U.S. authorities. BUSD is a popular token issued by the Paxos Trust Company, and it serves as the native stablecoin of the Binance exchange.<\/span><\/p>\n

On Feb. 13, 2023, news broke out<\/a> on the U.S. Securities and Exchange Commission (SEC) issuing a Wells Notice to Paxos stating its ongoing deliberation to file a lawsuit against the blockchain infrastructure company on the basis of potential violations of investor protection laws.<\/span><\/p>\n

According to the SEC, Paxos is found wanting for issuing the BUSD token, which the commission considers an unregistered security and that it should be registered under the federal securities law.\u00a0<\/span><\/p>\n

A day after the news of the SEC\u2019s potential lawsuit against the company, the New York District of Financial Services (NYDFS) issued<\/a> a statement directing Paxos to stop the issuance of Binance USD, leading to a significant fall in the token\u2019s circulating supply and its market cap value.\u00a0<\/span><\/p>\n

Data from Coingecko<\/a> shows the total market share value of BUSD has declined from around $16.13 billion in the second week of February to its current value of $9.63 billion.\u00a0<\/span><\/p>\n

\"Binance<\/p>\n

BUSD total market cap falls to $10 billion | Source: BUSD Total Market Cap on TradingView.com<\/a><\/pre>\n
This devastating decline has led to the stablecoin falling to 10th place among the largest cryptocurrencies by market cap, with Dogecoin (DOGE), Cardano (ADA), and Polygon (MATIC) all getting ahead. However, for all its troubles, BUSD still remains the world’s third-largest stablecoin.\u00a0<\/span><\/p>\n
Related Reading: Bitcoin\u2019s Decline To $22,000 Triggers Second-Largest Liquidation Trend In 2023<\/a><\/div>\n
Potential Lawsuit Causes Panic Among BUSD Whales While USDT Gains In Market Shares<\/span><\/h2>\n
Providing in-depth analytics on the liquidity status of the BUSD token, Santiment reports<\/a> that the SEC\u2019s possible lawsuit against Paxos has caused a market panic among investors with massive investments in Binance USD.\u00a0<\/span><\/p>\n
According to Santiment, there is an increased level of fear causing these stablecoin whales to fluctuate their holdings between BUSD and the market\u2019s second biggest stablecoin – USDC<\/span><\/p>\n
\"Santiment\"<\/p>\n
Source: Santiment<\/a><\/span><\/pre>\n
Meanwhile, Tether (USDT), the leader of the stablecoin market, appears to be benefiting from BUSD\u2019s current regulatory troubles.\u00a0<\/span><\/p>\n
USDT\u2019s market cap value has grown by over 4%, moving from $68.2 billion to its current value of $71.2 billion during the same time in which BUSD has suffered a decline.\u00a0<\/span><\/p>\n
\"BinanceSource: USDT Chart on Coingecko<\/a><\/pre>\n
 <\/p>\n
Related Reading: Stacks (STX) Holds 9% Gains On Weekly Chart As Top Coins Nosedive<\/a><\/p>\n
Binance USD Shares \u201cSimilar\u201d Troubles With The Rest Of The Market<\/span><\/h2>\n
While BUSD faces its battles, the crypto market is also experiencing a general price loss, which has resulted in the market\u2019s total cap declining by 21.89% over the last seven days.\u00a0<\/span><\/p>\n
During this period, market leader Bitcoin (BTC) has lost 6.7% of its value, with Ethereum (ETH) also recording a price fall of about 5.2%. Meanwhile, other major assets, such as Binance coin (BNB), Ripple (XRP), and Cardano (ADA), are also suffering losses of 6.3%, 5.3%, and 11.8%, respectively.\u00a0<\/span><\/p>\n
For now, these price falls are widely interpreted as a general price correction. However, there are growing concerns among investors, especially due to the severe crash of the market shares of the popular crypto-friendly bank, Silvergate.<\/span><\/p>\n
Featured Image: Binance Academy, Chart from Tradingview and Coingecko<\/div>\n","protected":false},"excerpt":{"rendered":"
Binance USD (BUSD) has suffered a significant loss of about 43% of its market cap value in the last 3 weeks following a regulatory crackdown by U.S. authorities. BUSD is a popular token issued by the Paxos Trust Company, and it serves as the native stablecoin of the Binance exchange. On Feb. 13, 2023, news broke out on the U.S. Securities and Exchange Commission (SEC) issuing a Wells Notice to Paxos stating its ongoing deliberation to file a lawsuit against the blockchain infrastructure company on the basis of potential violations of investor protection laws. According to the SEC, Paxos is found wanting for issuing the BUSD token, which the commission considers an unregistered security and that it should be registered under the federal securities law.\u00a0 A day after the news of the SEC\u2019s potential lawsuit against the company, the New York District of Financial Services (NYDFS) issued a statement directing Paxos to stop the issuance of Binance USD, leading to a significant fall in the token\u2019s circulating supply and its market cap value.\u00a0 Data from Coingecko shows the total market share value of BUSD has declined from around $16.13 billion in the second week of February to its current value of $9.63 billion.\u00a0 BUSD total market cap falls to $10 billion | Source: BUSD Total Market Cap on TradingView.com This devastating decline has led to the stablecoin falling to 10th place among the largest cryptocurrencies by market cap, with Dogecoin (DOGE), Cardano (ADA), and Polygon (MATIC) all getting ahead. However, for all its troubles, BUSD still remains the world’s third-largest stablecoin.\u00a0 Related Reading: Bitcoin\u2019s Decline To $22,000 Triggers Second-Largest Liquidation Trend In 2023 Potential Lawsuit Causes Panic Among BUSD Whales While USDT Gains In Market Shares Providing in-depth analytics on the liquidity status of the BUSD token, Santiment reports that the SEC\u2019s possible lawsuit against Paxos has caused a market panic among investors with massive investments in Binance USD.\u00a0 According to Santiment, there is an increased level of fear causing these stablecoin whales to fluctuate their holdings between BUSD and the market\u2019s second biggest stablecoin – USDC Source: Santiment Meanwhile, Tether (USDT), the leader of the stablecoin market, appears to be benefiting from BUSD\u2019s current regulatory troubles.\u00a0 USDT\u2019s market cap value has grown by over 4%, moving from $68.2 billion to its current value of $71.2 billion during the same time in which BUSD has suffered a decline.\u00a0 Source: USDT Chart on Coingecko   Related Reading: Stacks (STX) Holds 9% Gains On Weekly Chart As Top Coins Nosedive Binance USD Shares \u201cSimilar\u201d Troubles With The Rest Of The Market While BUSD faces its battles, the crypto market is also experiencing a general price loss, which has resulted in the market\u2019s total cap declining by 21.89% over the last seven days.\u00a0 During this period, market leader Bitcoin (BTC) has lost 6.7% of its value, with Ethereum (ETH) also recording a price fall of about 5.2%. Meanwhile, other major assets, such as Binance coin (BNB), Ripple (XRP), and Cardano (ADA), are also suffering losses of 6.3%, 5.3%, and 11.8%, respectively.\u00a0 For now, these price falls are widely interpreted as a general price correction. However, there are growing concerns among investors, especially due to the severe crash of the market shares of the popular crypto-friendly bank, Silvergate. Featured Image: Binance Academy, Chart from Tradingview and Coingecko<\/p>\n","protected":false},"author":581,"featured_media":521807,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[86403,84032,16333,3148,3631,3799],"class_list":["post-521805","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-binance-usd","tag-busd","tag-dfs","tag-new-york","tag-regulation","tag-sec"],"acf":[],"yoast_head":"\nBinance USD Loses 43% Of Market Cap Value Following Regulation Issues Binance USD Loses 43% Of Market Cap Value Following Regulation Issues<\/title>\n<meta name=\"description\" content=\"Binance USD (BUSD) has suffered a significant loss of about 43% of its market cap value in the last 3 weeks following a regulatory crackdown by U.S. BInance USD (BUSD) has suffered a 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Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative. Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information. Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets. Outside his work, Semilore possesses other passions like all individuals. 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