BUSD, Binance’s U.S. dollar exchanges
Tether (USDT), USD Coin (USDC), TerraUSD (UST), Dai (DAI), Paxos Standard (PAX), Rai Reflex Index (RAI), and mStable USD are presently supported by Coinbase (MUSD). Binance’s BUSD stablecoin project began with the exchange’s collaboration with Paxos, a crypto custody service that handles the stablecoin’s dollar reserves. BUSD is presently ranked 10th out of the 172 assets listed on Coinbase.
Despite its popularity, the introduction of BUSD on Coinbase did not go as well as it could have. Several Coinbase users claimed that they could not transfer BUSD from Coinbase to their wallets within hours after the listing. It was owing to Coinbase’s decision to halt BUSD trading due to the BUSD-USDT trading pair failing to fulfil specific liquidity metrics necessary by the exchange to continue trading. Once it met the liquidity criterion, the exchange immediately began trading for the pair.
Binance’s direct competition is Coinbase, and the two exchanges have frequently clashed. As Binance’s stablecoin becomes available on its competitor’s platform, the two exchanges will likely clash but will likely collaborate to keep liquidity flowing. Binance has referred to Coinbase as the “exchange of choice” for Wall Street while also referring to itself as the exchange for “all streets,” aiming for a more significant public audience.
Bitcoin Price Prediction
Bitcoin is currently trading above $39,500 versus the U.S. dollar, but, to continue increasing in the short term, BTC needs to break past $40,250. BTC has begun a new recovery wave and has risen past the $39,800 mark. The price has surpassed $39,500 and the 100 hourly simple moving average.
A significant bullish trend line is building on the hourly chart of the BTC/USD pair, with support near $39,580. The pair needs to break over the $40,250 resistance to continue higher in the immediate term. The following critical level of resistance could be around $40,250. A close above $40,250 might allow for a substantial gain. The price could possibly break through the $40,800 resistance level in the suggested scenario. Around $41,250 could be the next significant resistance level.
