Binance USD (BUSD), was one of the top dollar-pegged stablecoins in the crypto market, but its growth has taken a side track since its issuer was sued by the Securities and Exchange Commission (SEC).
The market cap of BUSD has now been on a decline, causing it to fall to the position of the fourth biggest stablecoin. Meanwhile, the rest of the cryptocurrency market has been on an upward trajectory, with Tradecurve catching the attention of investors with its 30% price increase in a week.
Binance USD (BUSD) Stablecoin Slides to Fourth
Binance USD (BUSD), a dollar-pegged stablecoin issued by Paxos is now ranked as the fourth largest stablecoin, following a $1 billion dip in its market capitalization over the last 30 days. At the time of this writing, BUSD has a market cap of $4.295 billion and still maintains its 1:1 ped with the U.S. dollar.
At its peak, Binance USD (BUSD) had a market cap north of $23 billion. The steep decline in the market cap of Paxos’s BUSD can be traced back to the collapse of FTX in November 2022 when the stablecoin was linked to the failed crypto exchange. Stablecoins naturally act as a safety net for cryptocurrency investors because of their 1:1 peg to the U.S. dollar, and the link BUSD had to FTX threatened that.
In February 2023, Paxos would be investigated by the SEC and New York Department of Financial Services (NYDFS), with the latter ordering the stablecoin issuer to halt the minting and issuance of BUSD. These episodes together contributed to the decline of BUSD’s market cap from above $23 billion to $4.295 over the last seven months.
Tradecurve Price Increases By 30%,, What’s Behind the Bullish Momentum?
Unlike BUSD which has struggled with declines, Tradecurve has been on the rise, with its price increasing by 30% over the last week to reach a new high at $0.018.
The primary drive for the recent TCRV price jump is the bullish sentiments market experts have expressed over Tradecurve’s potential to rekindle interest in the decentralized finance (DeFi) space through its connection to massive liquidity.
Tradecurve is building the first DeFi platform that will seamlessly bridge the global derivatives market, including forex, option, ETFs, stocks, and commodities, with the nascent cryptocurrency market.
The new trading platform will allow its users to trade all these assets from a single account, thus, acting as a bridge for the DeFi industry to tap into the massive OTC derivatives market that was valued at $632 trillion by the Bank for International Settlements in June 2022.
Cryptocurrency market analysts have predicted that the volumes of the OTC market will not only provide liquidity for Tradecurve and the DeFi space but also be the source of massive price gains for the TCRV utility token.
Now priced at $0.018 in the fourth stage of the Tradecurve presale, market analysts have predicted that the price of the token could shoot up to $1.5 before the end of 2023.
