Today BUSD And Paxos After the news about bitcoin including many altcoindecreases occurred.
One of these altcoins is undoubtedly Binance‘s native cryptocurrency Binance Coin (BNB) it happened.
BNB and BUSDAccording to the news of Coindesk, the popular crypto analysis platform CryptoQuant He stated that within a 24-hour period, $52 million worth of BUSD was sent to exchanges.
To the stock markets BUSD Commenting on the entry, CryptoQuant said that an increase in the entry of any token to the exchanges can come before traders sell their tokens, and in this context, it is mostly seen as a bearish sign.
“Moving stablecoins to exchange wallets rather than storing them in cold storage shows the urge to convert coins into fiat or fiat.
In addition, stablecoin inflows into exchanges may also be for collateral for futures or generally to rebalance portfolios.”
Speaking to Coindesk, CryptoQuant head of marketing, Hochan Chung, stated that stablecoin inflows into exchanges may be due to fears caused by the FTX and Genesis bankruptcies in the past.
“It may be due to fears that the BUSD redemption may be questionable from past experience with FTX and Genesis.
However, both Binance and Paxos guarantee that the redemption will be managed smoothly.”
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