The cryptocurrency industry is facing a major setback amid the global economic crisis majorly brought about by the outbreak of COVID-19. In an effort to somewhat stabilize the market, global cryptocurrency exchange Binance has injected a massive $7 million worth of BUSD tokens into the market. The update was announced by a crypto enthusiast @whale_alert on Twitter.
Crypto based organizations trying to stabilize the struggling market
The fresh token injection by Binance was executed by the PAX Treasury, which is a long-standing partner of Binance in its stable coin project. Apart from Binance’s issuance, PAX Treasury also injected $7.6 million worth of its own stable coin Paxos Standard (PAX).
The crypto community can well expect a positive turnaround with almost $14 million worth tokens being brought into the crypto space.
Despite being a stable coin of Binance, the world’s largest cryptocurrency exchange, BUSD seems to be lagging far behind Tether (USDT) and USD Coin (USDC), in terms of the trading volume.
As of now, BUSD has a market capitalization of around $132 million with a trading volume of approximately $120 million.
However, BUSD has been making positive strides off late. Recently, it was approved by the New York State Department of Financial Services.
It is expected that the fresh injection of BUSD and PAX will somewhat hold the tides for the crypto market. However, with the Coronavirus pandemic still shattering the global economy, it would be fair to say that, the crypto space will take at least a few months before recovering completely.