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BUSD the next UST? Binance investigated! I think many of the Binance IPO whales will move away from BNB and BUSD after the news that the Securities and Exchange Commission (SEC) is investigating Binance for the issuance of its cryptocurrency token Binance Coin. A report from Reuters agency says that Binance unknowingly processed billions in illicit transactions, including illegal drug sales, hacks, and investment fraud totaling $2.35 billion! I think this could lead to sell-off in the crypto market if it proves to be true. Looking forward to read your opinion about it.
BShort
by TopgOptions
5
BNB Market Cap Looks Ready to Fall From a $20 Billion CliffI have made a few bearish Charts about BNB in the past and this is just a small followup and reminder of what seems like the dump to come. BNB has broken below all major moving averages and has been rejected from the 200-week SMA and now, if we break below $30B in market cap there will be no support below until 10 Billion Dollars but it could go much lower than even that. I thought about plotting some things on the chart such as a Bearish flag or a Harmonic, but I think the plain and empty chart in this scenario speaks more to just how bad this looks than any pattern ever could. I will however provide a chart link below to the projection I plotted for BNB earlier on in the year:
CRYPTOCAP:BNBShort
by RizeSenpai
1
🔥 LUNC Start Of Bull-Run: This Trade Can Make You Rich!LUNC has been trading bearish ever since the September 2021 top, which means that we've been going down over 1.5 years. This perpetual bearish pressure has to end at some point, and this trade is based on exactly that. Since LUNC has finally broken through the diagonal resistance, the bulls have the overhand in the short-term. We are going to assume that the bulls will also regain control in the long-term and that the bottom for the current bear market is finally in. With a target at the current all-time high, we're able to construct a trade with a mind-blowing risk-reward of over 185, which means that for every dollar you risk, you can potentially make 185x amount if this trade will hit it's target, without leverage! Entry placed at previous 4H local top. If you're a more defensive trader, consider moving the stop down to 8300. Also, partial profit targets of 13000 and 21000 will make this trade less risky.
LLong
by FieryTrading
18
🔥 LUNC Underperforming: Waiting For Break Out!LUNC has overall been going down since September last year. Even when the whole market pumped this year, LUNC is now trading ~23% below the 2023 open, which is a negative feat in itself! As seen on the chart, there's a massive diagonal resistance that keeps LUNC from doing anything bullish. As long as we're below this line, nothing of importance will happen. Wait for a break out through the resistance. As soon as we get one, things can get interesting. Note that it can take a while before the actual break out will occur.
LLong
by FieryTrading
7
🔥 Stable coin Landscape Changed Drastically In 2023In this analysis I want to shed some lights on the top 3 biggest stable coins and how their relationships changed in 2023. First of all, it's natural for stable coin marketcaps to decrease during bear markets. Investors are leaving the space and exchange their stables for fiat. This is something we've seen for the better part of 2022. However, things changed in 2023. - 13th of Feb: Binance and PAXOS (the issuer of BUSD) got hit by the SEC (U.S. Securities and Exchange Commission), which led to no more BUSD being minted. In turn, this has led to BUSD holders to convert their stables to both USDT and USDC, which saw a significant up tick in their marketcap. Basically, BUSD is a dead coin at the moment and will inevitably go to a marketcap of zero. - 10th of March: USDC depegged from HKEX:1 during the depths of the banking crisis because it had funds in SVB. USDC quickly repegged, but trust has been damaged to such an extent that investors dumped their USDC and moved to USDT. In the end, I think that USDT is the big 'winner' of the stables. It was the first, the biggest and apparently the safest. In my eyes, there's little reason to have any other stable than USDT, since it has clearly shown resilience over other big stables. In addition, I think that the market will gradually move towards having only 1 stable coin, it being USDT. What is your preferred stable coin, and why? Share your thoughts 🙏
GLASSNODE:BUSD_SUPPLYLong
by FieryTrading
7
USDD Strablecoin DepeggingAs i warned you in the past article, TRX is about to collapse because of USDD: According to their website, USDD is secured by the over-collateralization of multiple mainstream digital assets (e.g. TRX , BTC , and USDT). The total value of collateralized assets is significantly higher than that of USDD in circulation with the collateral ratio set at 120%. This is the USDD collateral: TRX 10,929,535,279 BTC 14,040.6 = about $313Mil USDT 29,964,253 USDC 39,719,839 so besides TRX , the total amount of other collateral is $383Mil for a stablecoin that has a mk cap of $724Mil. Now let`s say TRX drops to the Covid level of $0.0072, which is not unrealistic in my opinion. Then the TRX collateral of 10,929,535,279 coin will be worth $78,692,654. Assuming that BTC won`t go lower, then still the liquid collateral of USDD will be around $462Mil for a mk cap now of $724Mil, which will result in a huge depegging od the "stablecoin". Looking forward to read your opinion about it.
Short
by TopgOptions
BNB Binance the next FTX and the Crypto Collapse I don`t think the bear market is over because of BUSD issues. The Securities and Exchange Commission has told crypto firm Paxos who issued BUSD, that it plans to sue the company for violating investor protection laws. Binance was the biggest holder of BUSD, with holdings worth $12.3bn, equal to 58% of the stable coin’s circulating supply on Ethereum, as of 1 October 2022. On Sept 29 2022: "Existing USDC, USDP and TUSD balances in user accounts will be automatically converted to BUSD at 2022-09-29 03:00 (UTC) (“Auto-Conversion”)" So after the SEC lawsuit i assume people will move from BUSD to USDT, which needs to print new coins and make bigger reserves. But they already have problems with liquidity, not all the market cap being assured by dollars. USDC is issued by Circle, in which Goldman Sachs and other US entities invested. In conclusion, i believe that after Binance delisted USDC, we are witnessing a war between the establishment represented by Circle and Binance, which could prove insolvent is people will fully exit BUSD and BNB. Paxos already announced that it won`t issue more BUSD after the SEC warning. Binance also shuffled +$1 Billion in customer assets without customer permission, just like FTX - Forbes wrote in an article. I think the SEC is after Binance. In just 4 years, BNB, Binance Coin, made an impressive 7197X gain. Considering it overvalued, i have used the Fibonacci retracement tool to determine the next support level. My price target is the 0.786 level, respectively $160. Looking forward to read your opinion about it.
Short
by TopgOptions
2