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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

Over $18 Billion USDT Held In Binance, Bull Run Incoming?

Dalmas Ngetich
Dalmas Ngetich
1 year ago
3 mins read
Binance USDT Holding

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Nansen data on March 30 shows that over $18 billion of USDT is held on Binance, the world’s largest cryptocurrency exchange by user count and trading volumes.

Binance Holding Over $18 Billion Of USDT

At this pace, USDT constitutes the biggest share of assets held in the exchange, even exceeding other popular cryptocurrencies like Bitcoin and Ethereum.

As of the time of writing on March 30, Bitcoin and Ethereum shares at the exchange stood at 23% and 12%, respectively, while USDT commanded 28.71% of the total allocation. In all, Binance held over $64.6 billion of user crypto assets, making it the largest cryptocurrency exchange by assets.

Nansen Binance USDT Bitcoin holding
Binance USDT holding: Nansen

USDT is a popular stablecoin that tracks the value of USD. Available in several blockchains, mainly on Ethereum and Tron, USDT is the most liquid, with a market capitalization of $79.4 billion, according to trackers.

For context, at this figure, USDT is technically the third largest cryptocurrency asset only after Bitcoin and Ethereum, whose market caps stood at $554.8 billion and $221 billion on March 30.

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The stablecoin is the most liquid and exceeds USDC, issued by Circle, whose market cap stood at $33.2 billion on March 30, and BUSD, by Paxos, whose circulating supply was at $7.6 billion when writing. 

Stablecoins play various roles in cryptocurrency. Since the most popular ones are backed by cash and cash equivalents, tracking the value of USD, they are used as conduits between traditional finance and the fast-growing cryptocurrency scene.

Over the years, in times of a crisis, especially tanking asset prices, the cumulative market cap of stablecoins also tends to increase. This is because stablecoins are, as the name suggests, “stable,” meaning crypto holders with Bitcoin or other volatile assets can revert to stablecoins as a refuge.

Crypto Bull Run Or Flocking To Safety?

The inflow of stablecoins into exchanges also indicates optimism among retail and institutional traders. With an increasing share of USDT in Binance, a leading cryptocurrency exchange, it might suggest that traders are positioning themselves for a bull run.

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Bitcoin In Free Fall As Regulators Turn Their Attention To Binance

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Earlier today, on March 30, Bitcoin prices rose above $29,000 for the first time in Q1 2023. Although prices have recoiled, traders appear upbeat as bulls build on gains of March 29. Since mid-March, Bitcoin prices have increased by around 46% amid a banking crisis in the United States. 

Bitcoin Price On March 30| Source: BTCUSDT On Binance, TradingView
Bitcoin Price On March 30| Source: BTCUSDT On Binance, TradingView

Besides the price aspect, the increase in USDT holdings stems from the New York Department of Financial Services (NYDFS) order for Paxos, the issuer of BUSD, to stop minting new tokens.

Also, earlier, USDC, the second most popular stablecoin, briefly de-pegged. In light of these events, most users converted stablecoin holdings to USDT.

Feature Image From Canva, Chart From TradingView
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Dalmas Ngetich
Dalmas Ngetich

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

Read more

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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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 publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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