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.
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.
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.
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.
Also Read:
VanEck has formally registered its VanEck Lido Staked Ethereum ETF in Delaware. If approved, this…
Federal Reserve Bank of Dallas President Lorie Logan is the latest Fed official to share…
Australia’s Fitell Corporation has purchased 216.8 million PUMP tokens for $1.5 million. The Nasdaq-listed company…
FG Nexus has announced that it will allow shareholders to convert common stock into tokenized…
JPMorgan says Bitcoin (BTC) is undervalued compared to gold and could rise to $165,000, giving…
Derivatives exchange CME Group has announced plans to begin offering 247/7 crypto futures and options…