NewsletterBinance Triggers Another Bitcoin And Crypto Market Selloff In September
The world’s largest crypto exchange Binance on Thursday said it plans to make changes to its zero-fee Bitcoin trading program. The move will likely trigger another major selloff across the crypto market as trading volumes will take a hit similar to a 90% trading volume fall after the termination of zero-fee trading by Binance in March.
Binance Announces Changes to Zero-Fee Bitcoin Trading
Crypto exchange Binance in an official announcement on August 24 revealed updating the zero-fee Bitcoin trading from September 7. Binance plans to make changes to its zero-fee Bitcoin trading for BTC/TUSD spot and margin trading pair.
Users were enjoying zero maker and taker fees when trading BTC with TUSD pairs. Now, a standard taker fee will apply as per the user’s VIP level. However, users will continue to enjoy zero maker fees when trading Bitcoin on the BTC/TUSD spot and margin trading pair.
“The corresponding trading volume on the BTC/TUSD spot and margin trading pair will count toward VIP tier calculation and all Liquidity Provider programs. In addition, BNB discounts, referral rebates, and any other fee adjustments will resume for BTC/TUSD spot and margin trading volumes.”
Binance apparently ending its zero-fee Bitcoin trading program for TUSD, reducing its support for True USD (TUSD) stablecoin amid several issues. Notably, users will continue to enjoy zero maker and taker fees when trading Bitcoin in the FDUSD spot and margin trading pair.
Also Read: US SEC Attorneys Richard Best And Robert Moye Withdraw From XRP Lawsuit
Crypto Market Selloff Again
Binance is mistakenly triggering another selloff event by changing its zero-fee Bitcoin trading program for BTC/TUSD spot and margin trading pair.
As per CoinMarketCap, BTC/TUSD and BTC/USDT are the most traded pairs for Bitcoin, accounting for 11% and 7% respectively. Trading volume in Tether (USDT) pairs plummeted immensely after Binance ended BUSD support and announced TUSD as the only trading pair for zero-free Bitcoin trading.
However, the exchange is again shifting its focus from majority traded TUSD to less known FDUSD stablecoin. It doesn’t even come under the top 10 Bitcoin pairs in terms of trading volume. This will likely trigger another decline in trading volumes, causing more pressure on the market. FDUSD’s market cap is just $324 million.
Also Read: Ripple Vs US SEC Trial No Earlier Than This Date, XRP Price Rebounds
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