Fun

Stablecoin Trading Dominates Monday’s Crypto Market, Tether and BUSD Sell at Premiums

News Feed - 2023-03-14 04:03:47

Stablecoin Trading Dominates Monday"s Crypto Market, Tether and BUSD Sell at Premiums


On Monday, the crypto economy experienced significant market activity with $183.85 billion in global trade volume over 24 hours, with a large portion of those trades involving stablecoins. USDC traded near parity with the U.S. dollar, and several stablecoins, including tether and BUSD, sold at premiums. Tether reached a high of $1.04 per unit and BUSD rose to $1.03 per coin during the morning trading sessions (ET). Small Handful of Stablecoin Assets Trade for Premiums as USDC Closes $1 Parity Gap


On Monday, stablecoins experienced significant trade volumes after USDC had difficulty maintaining its peg to the U.S. dollar over the weekend. This caused five other stablecoins to depeg just below the $1 value. Today, USDC has almost closed the gap and is trading at $0.99 per coin, but traders looking to exchange USDC for tether (USDT), binance usd (BUSD), or another stablecoin may have to pay a premium. According to Gemini charts, USDT jumped above the $1.04 mark and traded for a few cents higher on Monday.


Currently, tether (USDT) is trading at two cents above the U.S. dollar, with an early morning trading price of $1.04 per coin. Some tether (USDT) spikes went as high as $1.076 per USDT on Monday. BUSD saw a similar premium at $1.03 per unit, and other stablecoins, such as TUSD and DAI, are also experiencing higher prices based on the exchange used by traders. At $1.02 per unit and with 72.55 billion USDT in circulation, the additional two cents brings USDT’s market cap up to $74.23 billion at the time of writing. BUSD price spike on Gemini on Monday morning (ET).


Of the $183.85 billion in global trade volume, USDT accounts for $94.27 billion or 51.27% of the volume. USDC has a global trade volume of $10.79 billion, representing 5.87% of the $183 billion in trades during the last 24 hours. Bitcoin (BTC) and ethereum (ETH) have also captured a significant amount of the day’s trading volume. Bitcoin (BTC) rose 16.6% against the U.S. dollar on Monday and saw $70.22 billion in swaps, while ethereum (ETH) increased 12.9% and commands $68.13 billion in global trading volume.


With the small premiums and USDC returning to $1 parity, the market capitalization of the stablecoin economy is currently $136.25 billion. While stablecoin premiums and this weekend’s depegging event may not be beneficial for some traders, the discrepancies benefit stablecoin arbitrageurs significantly. Furthermore, Curve, the decentralized exchange (dex) focused on stablecoin trading, has recorded $1.02 billion in trade volume and is the second-largest dex by trade volume on Monday. Tags in this story arbitrageurs, Bitcoin, Blockchain, BTC, BUSD, crypto economy, crypto trading, Cryptocurrency, cryptocurrency market, cryptocurrency news, cryptocurrency prices, Cryptocurrency Trading, Curve, DAI, decentralized exchange, depegging, Digital Assets, ETH, Ethereum, Global Trade Volume, Market Activity, Market Capitalization, Premiums, Stablecoins, Tether, trade volume, Traders, Trading sessions, tusd, US Dollar, USDC, USDC Depeg, USDC repeg


What are your thoughts on the current stablecoin market and the impact of recent premiums and depegging events on traders and investors? Share your thoughts about this subject in the comments section below. Jamie Redman


Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today. Biggest Movers: LTC, ETC 15% Higher, as Crypto Markets Rebound on Monday MARKET UPDATES | 8 hours ago Bitcoin, Ethereum Technical Analysis: BTC Back Above $22,000 as Silicon Valley Bank Depositors Are Rescued MARKET UPDATES | 11 hours ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleBinance Converts $1 Billion BUSD Into Bitcoin, BNB, and Ethereum Next articleCircle Partners With Cross River Bank, Handful of US ‘Crypto-Friendly’ Banks Remain; Okcoin Suspends USD Deposits Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItCentral Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year


The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this ... read more.Oman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework Bitcoin ATM Operator Indicted in New York Allegedly Running Illegal Business Attracting Criminals UAE Airliner Emirates to Launch NFTs and Experiences in the Metaverse Microbt Reveals Latest Bitcoin Mining Rigs — Machines Produce up to 126 TH/s With Custom 5nm Chip Design

News Feed

PEPE Pumps 2.67% – Is The Memecoin Preparing For A Major Rebound?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
SoFi Technologies to cease crypto services by Dec. 19
Zhiyuan Sun7 hours agoSoFi Technologies to cease crypto services by Dec. 19“You can agree to have your account migrated to Blockchain.com or close your account instead,” the company wrote.1016 Total views7 Total shar
Decentralized Storage Provider Says It’s Too Risky for the World to Rely Centralized Cloud Storage Platforms
Decentralized Storage Provider Says It’s Too Risky for the World to Rely Centralized Cloud Storage Platforms In the past year, internet giants like Amazon and Google all experien
Cointelegraph Historical8 hours agoProof-of-truth: Countering AI overreach through Cointelegraph’s Historical NFTsInvesting in authenticity: Here’s how Cointelegraph’s Historical Collection combats AI’s impact on
Derek Andersen4 hours agoUS GAO says lack of interagency cooperation needs to be addressed in crypto regulationIn a report requested by Rep. Maxine Waters, the country’s top watchdog is carefully neutral but dissatisfi
India’s Central Bank RBI Close to Digital Currency Decision as Paypal Exits Indian Payments Market
India"s Central Bank RBI Close to Digital Currency Decision as Paypal Exits Indian Payments Market The Reserve Bank of India (RBI) is actively working on a digit
Arijit Sarkar1 hour agoAnubisDAO’s rug-pulled 13.5K ETH washes away on Tornado CashAfter almost two years, the stolen 13,556 ETH, worth nearly $60 million at the time, amounted to almost $26.2 million at the time of wr
Vitalik Buterin proposes Ethereum gas model overhaul
Prashant Jha12 hours agoVitalik Buterin proposes Ethereum gas model overhaulEthereum-based transactions currently have two gas fees: one for transaction execution and another for storing data.3185 Total views5 Total shar
Bitcoin’s Mining Difficulty Expected to Drop Significantly, Retarget Could Be 2022’s Largest Reduction
Bitcoin’s Mining Difficulty Expected to Drop Significantly, Retarget Could Be 2022’s Largest Reduction Bitcoin miners could catch a break in a week or so, on or around Dec. 5,
Brayden Lindrea6 hours agoNamibia signs crypto exchange regulation bill into lawThe law will officially enter into force at a date determined by Namibia’s Ministry of Finance.1923 Total views24 Total sharesListen to ar
Amaka Nwaokocha12 hours agoSEC wins default judgment against Thor Technologies and founderThor Technologies has been instructed to pay $903,193.06, including disgorgement of $744,555 and prejudgment interest amounting to
Helen Partz10 hours agoIndian crypto exchanges CoinSwitch, CoinDCX cut staff amid market slumpIndian crypto exchanges CoinSwitch and CoinDCX have been struggling to maintain headcount amid bear market and TDS.10467 Total