Overall, cryptocurrencies are trading at about $996 billion after peaking earlier this month at just under $1.1 trillion. While still up from last year’s lows beneath $800 billion, the market remains far from the 2021 peak of almost $3 trillion.
“Cryptos are weakening as every trader worries about how crippling this SEC wave will be with the cracking down on staking products and stablecoins. The news flow has been rather bearish for crypto, and you can’t forget about tomorrow’s inflation report that could be hot and spell trouble for risky assets,” said Edward Moya, senior analyst at trading firm OANDA, in a Monday note. “It might be hard for buyers to emerge until we see how Wall Street reacts with tomorrow’s inflation data,” he added.
Upon the announcement, traders rushed out of their BUSD positions, according to digital assets data provider Kaiko, with volume climbing to nearly half a billion dollars on the BUSD-tether trading pair in the hour immediately following the news. “The decision will have a profound impact on the stablecoin space and upend a pillar of Binance's aggressive strategy for crypto dominance,” Kaiko added.
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