Crypto Market Falls Below $1 Trillion as BUSD Casting Suspended by Paxos

02/14/2023 23:55 • Digital Disruptors • 87 views

It is reported that the total market value of cryptocurrency fell below US $1 trillion after Paxos, the issuer of the US dollar stable currency, announced the suspension of the casting of BUSD on Monday. This is also the first time that the index has fallen in nearly three weeks. At present, it has rebounded slightly to about US $1.05 trillion. In addition, analysts believe that the upcoming U.S. inflation data and the latest regulatory actions may also be the main reasons for this decline. Christopher Newhouse, a cryptooption trader at GSR, an investment company, said that with the upcoming release of the U.S. consumer price index (CPI) in January, the expectations of the cryptooption market look less optimistic than last month. In the stock market, the share price of Coinbase fell 1.2% on Monday, and the NASDAQ rose about 1.5%. In the past five trading days, the share price of Coinbase fell by about 24%. (Yahoo Finance)

The total market value of encryption fell below US $1 trillion after BUSD suspended casting

Analysis based on this information:

The cryptocurrency market experienced a decline in its total market value below $1 trillion after Paxos, the issuer of the US dollar stable currency, announced the suspension of BUSD casting on Monday. This news led to a fall in the index, which has not happened in nearly three weeks. However, the market has rebounded slightly, now at around $1.05 trillion. The decline in market value could be attributed to the upcoming US inflation data and the latest regulatory actions.

Crypto traders and analysts speculate that the release of the US consumer price index (CPI) in January may have contributed to the decline in the expectations of the crypto market. Christopher Newhouse, a cryptooption trader at GSR, an investment company, believes that the market looks less optimistic than last month. This uncertainty has led to a decline in the share price of Coinbase by 1.2% on Monday, while NASDAQ rose by 1.5%. Over the past five trading days, the share price of Coinbase has fallen by approximately 24%.

Paxos decision to suspend the casting of BUSD may have also influenced the decline in crypto market value. BUSD is a stablecoin pegged to the US dollar, and its fluctuations can be an indicator of the overall stability of the cryptocurrency market. The suspension might have led to a decrease in investor confidence in the stability of the crypto market.

Furthermore, the latest regulatory actions may have contributed to the decline in the market value. Governments and financial institutions worldwide have been scrutinizing cryptocurrencies’ use, which could lead to stricter regulations in the future. This uncertainty could have led to a decrease in investor confidence, causing the decline in the crypto market value.

In conclusion, the recent dip in the cryptocurrency market’s total value could be attributed to various factors, including Paxos’ suspension of BUSD casting, upcoming US inflation data, and the latest regulatory actions. This dip has heightened investor anxiety and contributed to the overall volatility in the crypto market.

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Crypto Market Falls Below $1 Trillion as BUSD Casting Suspended by Paxos

The total market value of encryption fell below US $1 trillion after BUSD suspended casting

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