The Binance crisis that started with the SEC lawsuit shook the market value of BUSD, what’s going on with BUSD falling below DAI?
The market cap of the BUSD stablecoin fell below the DAI after it burned to $95 million. “Given that Paxos stopped issuing in February, the decline of BUSD is inevitable, but it has managed to maintain its dominance in the industry ever since,” says Rebecca Stevens, an analyst at The Block Research.
Industry Imbalance Hits Stablecoins
Binance’s stablecoin, BUSD, which has long had a high market cap, has fallen into the background after the SEC sued the exchange and the CTFC sued CZ in the past few weeks. While these situations are happening, many statistics about the stock market are also progressing negatively. Binance’s own token, BNB, tested $220 months later, causing global concern.
Withdrawals by BUSD directly affected the market value. The crypto investor, who switched from BUSD to a different stablecoin or exchanges, attracted attention. In addition, it was a matter of curiosity whether there would be comments from CZ for BUSD, which remained below DAI in its market value despite its $95 million burn.
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