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    Home ยป Nearly 80% More Bitcoin ($BTC) Is Traded For $BUSD Due To Binance’s Stablecoin Conversion

    Nearly 80% More Bitcoin ($BTC) Is Traded For $BUSD Due To Binance’s Stablecoin Conversion

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    By adewale on October 14, 2022 Bitcoin News, Cryptocurrencies
    Nearly 80% More Bitcoin ($BTC) Is Traded For $BUSD than Binance's Stablecoin Conversion
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    Last month, a market-wide sell-off occurred across the cryptocurrency ecosystem due to macroeconomic concerns that continued to weigh down risk assets, particularly stocks. The decline was mirrored in spot trading volumes, which saw a significant increase in the previous month.

    According to the most recent report published by CryptoCompare’s Exchange Review, Bitcoin spot trading into BinanceUSD ($BUSD), the stablecoin issued by leading cryptocurrency exchange Binance, increased by 79.2% to 3.84 million BTC in the previous month. This increase directly resulted from the exchange’s decision to automatically convert users’ USDC, USDP, and TUSD holdings into BUSD.

    Binance has said that the change is being made to ” enhance liquidity and capital efficiency for users.” Additionally, spot pairings containing USDC, USDP, and TUSD will be removed from the exchange, and trading on those pairs will be halted.

    JPMorgan analysts believe that the decision by Binance will benefit Tether since it would raise the significance of the coin in the trading of cryptocurrencies. The investment bank found that over the previous 18 months, Tether’s market share within the ecosystem of stablecoins has been steadily decreasing, which indicates that the cryptocurrency’s significance has been diminishing.

    Price Action Afterwards

    BTC spot trading into USD rose 29.5% to 1.7 million BTC, while trading to Australian Dollars, Euros, and Great British Pounds rose 65.1%, 68.3%, and 233% respectively, according to the report published by CryptoCompare. The report also notes that fiat trading pairs saw an increase in the volume of Bitcoin spot trading “amid the weakening of several currencies worldwide.”

    Last month, global spot trading volumes in the cryptocurrency industry increased by 3.58% to $1.56 trillion, as reported by CryptoCompare. Top-Tier exchanges saw their volumes grow 4.48% to $1.46 trillion, but Lower-Tier exchanges saw their volumes decline 8.1% to $99.5 billion.

     Due to Binance decision to automatically convert users' USDC, USDP, and TUSD into BUSD, Bitcoin spot trading into BinanceUSD increased

    Based on the research, the spot trading volume of the cryptocurrency exchange Coinbase, listed on the Nasdaq, dropped 17.6% to $48.1 billion in September, marking its lowest level since January 2021.

    The spot trading volumes on Coinbase’s rivals Binance, OKX, and FTX increased, corresponding increases of 23.5%, 8.26%, and 5.49%. Binance is a competitor of Coinbase. Even after Coinbase modified its fee schedule to entice more retail and institutional trading, the platform’s trading volume continued to decline.

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    Having a demonstrated track record in offering marketing solutions and assisting the team in translating corporate strategy into efforts that generate engagement, profitability, and success, I am super prepared to extend my service to all interesting blockchain projects. Every day, I want to make a difference and leave a lasting beneficial impact on my community and the world at large. This I accomplish by assisting Blockchain brands and organizations in developing the best content for effective marketing that connects and converts prospects to customers.

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