Yesterday, the cryptocurrency market trend declined after Paxos announced it would temporarily stop issuing Binance USD (BUSD). Despite recovering slightly around noon, Binance Coin (BNB) continued the week in a slump. Dune Analytics reported that on February 13th, a colossal fund outflow of almost $1 billion was observed from the Binance platform.
US Regulators’ Actions Are Putting Pressure on Binance
In recent weeks, the US regulatory bodies have initiated numerous examinations of different cryptocurrency companies. Now it is Paxos’ turn to come under fire – as evidenced by their announcement that they will discontinue minting Binance USD (BUSD), which sent shockwaves throughout the crypto industry. This has been a major factor in causing disruption and unease among investors within this market. On February 13th, Binance Coin (BNB) was one of the cryptos hit particularly hard. BNB plummeted from $320 to a mere $285 throughout the day. Nevertheless, as soon as the market began recovering, it quickly regained its footing and returned to almost pre-crisis levels at around $300.
Conversely, a staggering $916 million left the Binance platform in one single day alone, as reported by Dune Analytics’ crypto tracking platform. Their data has revealed that on February 13th, these large-scale movements of money occurred.
On the Other Hand, US Inflation Data Caused a Small Rise in Cryptocurrencies
The crypto money market opened the week on a downward slope but quickly recovered when US inflation data for monthly and annual periods were disclosed. Topping the leaderboard is Bitcoin (BTC), which began trading at $21,980 following an impressive 2% surge in just 24 hours – marking another remarkable milestone for cryptocurrency! Ethereum (ETH) recently skyrocketed to the remarkable value of $1,538 due to its recent surge in worth. Additionally, CoinMarketCap reported that the total market capitalization for cryptocurrencies has surpassed a trillion dollars once more. Coinglass even noted that an average of approximately $100 million worth of short and long positions were terminated within 24 hours! It is evident that cryptocurrency is on its way to becoming a leading industry force around the world.
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