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Stablecoin BUSD Supply Shrinks By 3.24 Billion In 3 Days, Market Cap Drops 20% Since Last Month – Altcoins Bitcoin News

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While billions of dollars in crypto assets have been withdrawn from Binance, the world’s largest exchange by volume, the stablecoin BUSD has seen a significant drop in the trading of its coins over the past three days. While 20% of the supply of BUSD has been drained since last month, the stats show that 14.77% of the drawdown occurred on December 13th.

BUSD supply has decreased by 3.24 billion since December 13th

Center speculation surrounding Binance A large number of withdrawals (more than $3 billion) that occurred on December 13, 2022, the BUSD stablecoin saw a 14.77% drop in three days. Over the past month, stats show that BUSD had 23 billion tokens in circulation, and today it is down 20% at 18.58 billion BUSD.

This news follows Bitcoin.com news reports On the Binance-linked stablecoin backed by Paxos, it is up 22% in two months on October 22, 2022. It should be noted that while BUSD shares its logo and name with the cryptocurrency exchange Binance, the stablecoin is managed by Paxos.

Crypto company Paxos also operates pax dollars (USDP) and pax gold (PAXG). The increase in BUSD at that time was occurring while using the rope (USDT) and the US dollar (USDC) have seen their circulating fiat currencies deplete. In terms of market capitalization, the market capitalization of USD Bank is the sixth largest valuation of the cryptocurrency market today, and it entered the top 10 after the collapse of Terra’s underground reservoir.

Stablecoin BUSD Supply Shrinks By 3.24 Billion In 3 Days, Market Cap Drops 20% Since Last Month
BUSD has recorded a significant decrease in supply over the past three days or since December 13, 2022.

The 30-day stats show that BUSD experienced the largest monthly decline out of all the 10 stablecoins by market cap, with the exception of the Gemini stablecoin GUSD. Gemini has also been dealing with turbulent markets and recent reports that the stock market has suffered a downturn User data leak. Moreover, A.J Report He notes that Genesis Global Capital allegedly owes Gemini $900 million.

GUSD coins in circulation have fallen by 25% over the last 30 days, which is 5% more than the decline in BUSD last month. The downgrade of GUSD was not as drastic as BUSD as the dollar pegged tokens of GUSD started declining on November 16, 2022. BUSD saw $6.61 billion in global 24-hour trade volume and cryptocompare.com metrics show a significant amount of BUSD pairs being exchanged for the tether (USDT) today.

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Binance is the most active BUSD exchange on December 16, 2022, and Pancakeswap recorded $2,896,034 in BUSD trades using tether over the past 24 hours. At press time, among the $851 billion crypto economy, BUSD is dominating the market capitalization, gaining 2.184% on Friday.

Out of the $140 billion stablecoin economy, BUSD remains the third largest dollar-pegged coin, accounting for 13.271% of the entire stablecoin economy’s valuation. In addition to the BUSD coins in the trading statistics taken from coingecko.com, Archived etherscan.io logs Indicate that the supply of BUSD has 20% shrinkage And also during the last 30 days.

tags in this story
AltcoinsAnd the binanceAnd the BUSDAnd the BUSD market capAnd the Coins in circulationAnd the cryptocurrencyAnd the dollar coinsAnd the Dollar pegged symbolAnd the decrease in supplyAnd the TwinsAnd the GUSDAnd the GUSD stablecoinAnd the PaxosAnd the stablecoinAnd the Stablecoin BUSDAnd the Stable currency economyAnd the stablecoinsAnd the supply dropAnd the symbolsAnd the American dollarAnd the USDCAnd the USDT

What do you think of the decline in BUSD over the past 3 days? Tell us what you think about it in the comments section below.

Jimmy Redman

Jamie Redman is the Chief News Officer at Bitcoin.com News and a financial and technology journalist based in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about disruptive protocols emerging today.

Image credits: shutterstock, pixabay, wikicommons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services or companies. Bitcoin.com It does not provide investment, tax, legal or accounting advice. Neither the Company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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New research suggests that baby boomers make better crypto investors

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As a millennial, this is hard to say, but baby boomers do the coding better. They’re taking research methods used in traditional markets and applying them to crypto projects, according to a new report from Bybit and consumer research firm Toluna.

The report says that 34% of Boomers spend “a few days” doing due diligence on a project before investing – 50% more than other generations. Even more troubling, “64% of North American investors spend less than two hours or not at all on DYOR.”

Boomers are also likely to focus their research on technical factors such as tokens, revenue, and the competitive landscape. Contrast this with their younger compatriots, who are more likely to appreciate reputation items like a charismatic founder and “website aesthetics.”

This goes to show that being a digital and hands-on native is not as much of an advantage as people think. It actually pales in comparison to some of the Warren Buffet-style skills that older investors have honed over the years.

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Related: 5 tips for investing during a global recession

Baby boomers are probably more likely to retire and therefore have more free time than younger generations. It’s hard to say, but it seems the best way forward for young people is to be humble and learn from their elders.

Although crypto has many distinct characteristics that set it apart from other capital markets, it still has enough in common to allow for a decent crossover in analytical skills. After all, the price of digital assets is highly dependent on the balance of supply and demand in the market, just like the traditional markets.

Digging in Technologies This can prevent the kind of bad decision making that led to big losses in 2022. Several times I felt good about buying a token based on the project white paper and the solid narrative that drove it, but I found, upon further research, that there is a lot of capital involved. The investment unleashes imports so that selling pressure will influence prices for years to come.

Newborns who are used to analyzing company numbers and calculating price-to-earnings and price-earnings-to-growth ratios can apply these skills to data from CoinGecko or CoinMarketCap. Young generations need to know why “circulating supply” vs. “maximum supply” important and why size is critical.

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In fact, cryptocurrency projects that are similar to traditional value investments have held up relatively well in the bear market. Investors are becoming more aware of the difference between protocols that issue tokens as a glorious way to raise funds and those that generate revenue and share it with their holders. So-called “real-yield” crypto projects are not unlike dividend-paying companies — something boom investors may be familiar with and possibly drive some of their investment decisions.

This is not to ignore the importance of narrative and community in modern investing and cryptocurrency in particular. For example, perennial decentralized trading platforms such as GMX, Gains, and ApeX Pro benefited from the pro-decentralization sentiment after the FTX bankruptcy.

Researching this aspect requires a good knowledge of social media, especially Twitter, which is one of the main ways to reach crypto analysts, founders, and downstreamers. Investors use these tools to find the narrative, assess where the narrative is in its life cycle, and gauge overall market sentiment.

Related: Five reasons why 2023 will be a tough year for global markets

But Millennials and Generation Z don’t really have an edge when it comes to using social media to assess trends because it’s not that new anymore. it’s a Web 2Everyone already knows how to use social media. In fact, young adults are turning their familiarity with social media into a disadvantage by overestimating it as a research tool, while baby boomers are more likely to stick to the facts.

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Traditional investing due diligence continues to distinguish men from boys, just as it has throughout history. As long as that happens, baby boomers will outpace the younger generations because they do more research and tend to be more patient when it comes to investing, resulting in higher returns than the younger generations, who may jump into investing without fully understanding what they are getting into. If you are looking for someone who is reliable and knowledgeable about due diligence, look no further than your parents or grandparents.

Nathan Thompson He is the lead technical writer at Bybit. He spent 10 years as a freelance journalist, covering mostly Southeast Asia, before turning to cryptocurrency during the COVID-19 lockdowns. He holds a Joint Honors degree in Communication and Philosophy from Cardiff University.

This article is for general information purposes and is not intended and should not be considered legal or investment advice. The views, ideas and opinions expressed herein are those of the author alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

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Bitcoin investor sentiment remains steady with BTC stalling at $16,000

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Bitcoin investor sentiment is deadlocked amid price faltering in the market. While the digital asset continues to hold the $16,000 level, investors retreat from the market, ensuring that there is no big move either up or down, and as a result, investor sentiment has not moved.

Bitcoin investors are still in fear

the Encryption of fear and greed It shows that Bitcoin investor sentiment has not moved much in the past month. He finished November with a score of 29 which put him right in the fright zone but since then he has been unable to break out of that trend.

The score in this indicator over the course of December ranged between 26-30 mostly, maintaining an almost straight line trend over the period. So far, the Fear and Greed Index is at a score of 28 which is up one point from last week’s close of 27.

Bitcoin Fear & Greed indicator

Fear & Greed Index trends in an almost straight line | Source: alternative.me

What this trend in the Fear and Greed Index shows is that bitcoin investors are not willing to take any risk. This is why the indicator could not move into the greed zone. On the flip side, selling sentiment has not been as strong as one would expect during a time like this. If investors were to sell more of their bitcoins, it would be obvious given that the index would slide further. Instead, it continues to maintain a roughly consistent point level, which means that the hold sentiment is now dominating the market.

Will BTC See A Recovery Soon?

Bitcoin is still finding it difficult to regain the momentum it lost over the past month. This reluctance on the part of investors to do anything with the tokens has led to the price of the digital asset following the same path as sentiment. BTC has now refused to break out from the $16,000 price level.

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Bitcoin price chart from TradingView.com

BTC price maintains $16,000 level | Source: BTCUSD on TradingView.com

As a result, Bitcoin’s volatility dropped to all-time lows. So it is likely that the last two days of 2022 will follow the same trend. A recovery should not be expected in any way as the momentum will continue to decline as people take a break from the markets to celebrate with family.

Instead, it is important that BTC holds above $16,000 to close the year. Anything below this level would be very bearish and could lead to more declines in the market as the bears take control. But finishing above $16,000 strengthens investors’ resolve to hold on to their coins.

BTC is trading at $16,519 at the time of writing. Its price has decreased by 0.43% in the last 24 hours and 2.01% in the last 7 days.

Featured image by Finbold, chart from TradingView.com


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Valkyrie proposes to run GBTC – Bitcoin’s grayscale magazine

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Valkyrie Investments has submitted a proposal to take over the troubled GBTC Bitcoin trust.

“We understand that Grayscale has played an important role in the development and growth of the Bitcoin ecosystem with the launch of GBTC, and we respect the team and the work they put in,” said Stephen McClurg, Valkyrie co-founder and CIO. In a statement posted on the company’s website. “However, in light of recent events involving Grayscale and its family of companies, it is time for a change. Valkyrie is the best GBTC management firm to ensure that its investors are treated fairly.”

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