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Data Signals Start Of Bitcoin And Crypto Market Rally

Tether (USDT) market share on Binance increasing again, hinting at the possible start of Bitcoin and crypto market rally.
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Data Signals Start Of Bitcoin And Crypto Market Rally

The world’s largest crypto exchange Binance’s decision to move away from BUSD and TUSD stablecoins due to regulatory hurdles has sparked positive sentiment from traders. Tether (USDT) market share on Binance is again increasing and hints at the possible start of Bitcoin and crypto market rally, according to Kaiko data.

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USDT Gains, TrueUSD Loses Trading Volume Share On Binance

TrueUSD (TUSD) market share on crypto exchange Binance has tumbled from more than 30% to just 5.6%, according to digital assets data provider Kaiko. The daily trading volume share of TUSD stablecoin has even fallen below BUSD market share, which Binance seeks to end support in early 2024.

Source: Kaiko

Meanwhile, USDT and FDUSD trading volumes on Binance have increased significantly, with USDT market share reaching 80%. FDUSD market share also increased after Binance announced zero-free Bitcoin and Ethereum trading with FDUSD stablecoin.

CoinGape Media accurately predicted a crypto market selloff in September as Binance decided to make changes to its zero-fee Bitcoin trading for BTC/TUSD spot and margin trading pair. Traders have exited TUSD as they have to pay a taker fee, which is no longer free.

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How USDT Trading Volume On Binance Is Good For Crypto Market?

Binance apparently ending its zero-fee Bitcoin trading program for TUSD, reducing its support for TrueUSD (TUSD) stablecoin amid several issues. Experts have highlighted several red flags with TUSD, causing a stir in the crypto market.

A jump in USDT trading volume will prevent unnecessary risks, bringing back the lost trading volume on Binance. It will help bring some upside momentum in the crypto market and resolved liquidity issues.

Analysts are already positive on the start of a bullish cycle as Bitcoin price holds above $26,000.

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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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