The market cap for Binance USD has dropped below $10 billion for the first time since June 2021 following Coinbase’s announcement it would delist the stablecoin. sndr_krisztian reports
“Coinbase's decision to delist was likely made as a precaution in anticipation of a future drop in liquidity or operational concerns around redemptions,” Clara Medalie, director of research at crypto market research firm Kaiko, told CoinDesk.
The daily trading volume for BUSD on Coinbase was only about $9 million in the last two months, while the market depth within 2% of the market price was just $600,000, according to data from Kaiko, making the stablecoin’s price vulnerable to wobbles. Market depth represents the open buy and sell orders for an asset within a certain price range; the deeper the market, the more stable the price is.
“The overall liquidity is very thin,” Medalie said, “which is not great for a stablecoin that should theoretically always trade 1:1” with the U.S. dollar.
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