Cryptocurrency Market Value Falls Below US $1 Trillion as BUSD Issuance Is Suspended
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 …
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
Interpretation of the news:
The total market value of cryptocurrency has fallen below US $1 trillion after the suspension of the casting of BUSD by Paxos. This has also led to the index falling for the first time in almost three weeks. The market has rebounded slightly to around US $1.05 trillion. Analysts suggest two main reasons for this decline: the upcoming US inflation data and the latest regulatory actions.
Christopher Newhouse, a cryptooption trader at GSR, has expressed that the expectations of the cryptooption market regarding the upcoming release of the US consumer price index (CPI) in January look less optimistic than last month. This may be due to the impact of inflation on the market. The stock market has also been affected by the decline in the cryptocurrency market as the share price of Coinbase fell by 1.2% on Monday. However, the NASDAQ rose by approximately 1.5%. Coinbase’s share price has decreased by around 24% in the past five trading days.
The suspension of the BUSD issuance by Paxos is believed to be one of the contributing factors to the decrease in the market value of cryptocurrency. BUSD is a stablecoin that is issued in a 1:1 ratio with the US dollar, which has made it popular among crypto-investors who prefer stability. The suspension of its issuance may have resulted in decreased confidence in the market.
The latest regulatory actions may also have contributed to the decline in the cryptocurrency market. The increased regulatory scrutiny by governments regarding cryptocurrency has put added pressure on the market. Countries like China have already taken measures to restrict the use of cryptocurrency. This has been followed by India and South Africa, which are also planning regulatory measures to restrict the use of cryptocurrencies.
In conclusion, the decrease in the market value of cryptocurrency below US $1 trillion can be attributed to the suspension of the BUSD issuance by Paxos, the upcoming US inflation data, and the latest regulatory actions. The market has rebounded slightly, but it remains to be seen how these factors will shape the future of cryptocurrency.
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