The world’s largest cryptocurrency exchange Binance’s stablecoin BUSDReprinting has been stopped. After this development, Binance’s native token BNB including Bitcoin (BTC) and altcoins fell.
Some rebound after BUSD FUD BTC and the inflation data from the USA in the crypto market are followed.
With these developments stablecoinaddressing the market place of Morgan Stanley Stablecoins play a vital role in crypto trading, analysts said in a research report.
As Coindesk reports, Morgan Stanley analysts Sheena Shah and Kinji Steimetz argued that stablecoins potentially compete with the banking system built on fiat money.
Citing the US regulators’ recent limitation of BUSD issuance, bank analysts noted that stablecoin issuance is important to crypto investors and its market value has plummeted.
In addition, in the bull market of 2021, money is bitcoin Analysts said that in the 2022 bear market, the money shifted to stablecoins.
“Rising cryptocurrency prices have encouraged traders to use more leverage in the form of borrowing stablecoins, which are then used to buy more crypto.
The falling market prices were catalyzed by the reduction in crypto liquidity caused by traders closing long crypto positions, followed by stablecoin purchases.”
*Not investment advice.
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