Binance, the world’s largest cryptocurrency market, made a critical decision for stablecoin support today. Although it is difficult to predict how it will affect the market at the moment, the company’s statement says that it is for users. Here are the details…
Binance cuts support for stablecoin rivals! USDC, USDP and TUSD will be converted to BUSD!
In the early summer, there was a historic collapse in the cryptocurrency market. We also saw a huge drop in BTC after LUNA was deleted from the market. For this reason, Bitcoin, which has been on the decline since November of last year, has regressed to its level 2 years ago.
In fact, Binance has temporarily suspended withdrawals. But that didn’t work either, and the situation got worse. Of course, he had a small recovery period for a while. It managed to get from 17 thousand dollars to 25 thousand dollars. However, in the last few days, it has again thrown itself under the 20 thousand threshold.
Sharp fall in the crypto market! What will investors do?
The global cryptocurrency market dropped below $1 trillion after about two months. What is the latest situation in Bitcoin and Ethereum?
Following the decision taken today, Binance will cut support for 3 competing stablecoin units as of 06:00 on September 29. All balances of users with USDC, USDP and TUSD accounts will be converted to BUSD, the company’s own stable coin.
Therefore, Binance will transfer $52 billion USDC, $1 billion TUSD and $945 million USDP, a total of close to $54 billion, to BUSD. This will put it in a much stronger position against Tether’s peak USDT, which has 44 percent of the stablecoin market cap.
Current values of cryptocurrencies
- BTC/USDT: 19 thousand 741 dollars
- ETH/BUSD: $1,592
- ADA/BUSD: $0.4909
- LEFT/BUSD: $31.85
- XRP/BUSD: $0.3308
- DOGE/BUSD: $0.06217
- AVAX/BUSD: $16.94
- SHIB/BUSD: 0.000000803 dollars
- MATIC/BUSD: 0.395 dollars
- DOT/BUSD: $7.31
- FTT/BUSD: $26.42
- LTC/BUSD: $60.11
- XLM/BUSD: $0.1044
- LINK/BUSD: $7,254
- UNI/BUSD: $6.37
- XMR/BUSD: $156.7
- NEAR/BUSD: $4,162
- MANA/BUSD: 0.7850 dollars
- ATOM/BUSD: $12,665
- VET/BUSD: 0.02417 dollars
- FLOW/BUSD: $1,902
- SAND/BUSD: $0.9502
- THETA/BUSD: $1,169
Note: It is not investment advice.
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