• BUSD’s market cap has dropped below $10 billion from its all-time high set at $23.49 billion, due to a regulatory crackdown from US authorities and a possible delisting from Coinbase.
• Coinbase announced it will suspend trading for Binance USD (BUSD) on March 13, 2023, citing that it did not meet their listing standards.
• Three US senators have pushed Binance to be held accountable by the SEC regarding its trading of unregistered securities.
BUSD Market Cap Drops Below $10 Billion
BUSD’s market cap has dropped below $10 billion from its all-time high set at $23.49 billion on Nov. 15, 2022. This is a new all-time low in the past two years as the coin faces regulatory pressure from US authorities and potential delisting from Coinbase. Since hitting its peak on Nov 15th, the value has been steadily dropping and was recorded at 9.66 billion on March 3rd, 2023 – the lowest level since June 29th 2021.
Coinbase Suspending Trading for Binance USD (BUSD)
On February 27th, 2023 Coinbase tweeted that it is planning to delist Binance USD due to not meeting their listing standards upon review. The suspension will affect simple and advanced trading on Coinbase Pro, Coinbase Prime, Coinbase Exchange and Coinbase itself; however investors can still access their funds and withdraw anytime they choose to do so. Brian Armstrong, CEO of Coinbase responded to Bloomberg TV saying that there is liquidity concern with Paxos – BUSD’s central issuer – which may have led to this decision after being ordered by New York Department of Financial Services (NYDFS).
US Senators Pressuring Binance
Three US senators have asked the Securities and Exchange Commission (SEC) to hold Binance accountable for unregistered securities trading via Paxos services. In response, SEC issued a Wells notice to Paxos warning them of possible legal enforcement actions if they continue with this practice which would ultimately affect the market capitalization of BUSD as well as other cryptocurrencies in circulation today.
Impact On Price Of Other Cryptocurrencies
The news about possibly delisting has had an effect on other cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Ripple(XRP) etc., with prices dropping significantly in some cases due to investor worries over potential losses incurred by delisting or regulation changes imposed by financial institutions such as SEC or NYDFS . Some traders are reportedly taking profits while awaiting further clarity regarding these matters hence leading to lower crypto prices across exchanges around the world today compared with previous weeks/months when prices were climbing steadily upwards before any official announcements were made publically by financial watchdogs/exchanges etc..
Conclusion
In conclusion, it appears that regulatory clampdowns are having an impact on cryptocurrency markets with many coins experiencing drops in values due to uncertainty surrounding future regulations or listings status on major exchange platforms such as Coinbase etc.. Investors should monitor these situations closely before making any investment decisions regarding cryptocurrencies moving forward into Q1/Q2 2021 & beyond so that they can make informed decisions accordingly based upon updated information available at any given time during this volatile period for digital assets globally today!