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In the early weeks of September, Binance, one of the leading crypto exchanges, announced plans to convert existing holdings of stablecoins including USD Coin (USDC), True USD (TUSD), and Pax USD (USDP) to its native stablecoin, BUSD. This process was to be done with Binance's newly introduced "Auto-Conversion" feature.
Binance went further to clarify holders on how it plans to actualize this conversion which will liquidate all the holdings relating to the abovementioned stablecoins applicable across savings accounts, Defi staking subscriptions, and crypto loans.
Also, Binance stated that its objective in doing this was to increase liquidity for the BUSD stablecoin and other products or tokens running on its network.
USDC is the second largest stablecoin in the crypto market, with Binance's BUSD coming third; both have a market capitalization of around $51 billion and $19 billion respectively (as of August 2022).
The crypto industry is full of uncertainties, and as crypto investors and firms continue to recover from its shock in 2022, Binance's move could lessen or heighten it. However, Binance has clarified that holders of these stablecoins eligible for conversion may still withdraw their earnings in the respective cryptocurrencies they choose.
We'll look into MetaCryp Token — a newcomer to the crypto market; Ethereum Classic; and BNB Coin — the native coin of our case study. And also, what Binance's latest move could mean for their markets.
Binance's motive for liquidating stablecoins holdings on its exchange is to give room for the growth of its native cryptocurrencies and stablecoin. BNB Coin, being the powerhouse of Binance and its network could benefit greatly from this move.
Investors may be seeking to leverage this opportunity to hodl BNB Coin in expectation of an explosion when the liquidation of assets takes effect around September 23.
BNB Coin has been ranging around $287 support levels since breaking it in July 2022. Any fall below this point could also trigger a strong buy to push BNB prices to higher highs. Meanwhile, with the latest update in the Binance ecosystem, there is a chance BNB coin will enter a positive trend without needing to reach the aforesaid price levels.
Ethereum Classic is a forked and modified version of Ethereum (ETH) that operates on a modified Nakamoto consensus. The coin has been one of the few cryptocurrencies to enter strong bullish in the fourth quarter of 2022. This is a good sign for investors who may have hodled $ETC early enough following its bearish markets in the previous quarters of the year.
As Ethereum successfully forks its manner and with an upcoming bull trend, $ETC could enter higher price points.
MetaCryp Token (MTCR) is the native token of the MetaCryp Network, a Binance Smart Chain-based ecosystem that wants to encourage DeFi adoption through its innovation. MetaCryp Network is bringing the Metaverse, NFTs, crypto trading, and play-to-earn initiatives to the doorsteps of DeFi enthusiasts.
One thing you may want to capitalize on MetaCryp Network is its presale. The presale will take 3 stages to complete. During each stage, there is a chance the presale's starting price could double along the way.
For you to be a member of the MetaCryp Network's governance, you must buy its token, this includes buying right now through presale. Simply visit the main site where the presale is run, sign up, purchase, and earn an instant cashback of 32% and more. You could stack more bonuses worth more than 300% before the presale ends the more you engage.
Learn more about MetaCryp Token (MTCR):
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.
