The Week Started Strong for Crypto, USDC Is on the Losing Team
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Monday has been more than good for the whole crypto industry with BTC hitting a three-day high and ETH looking like it is about to start recovering. LUNC gained over 20% thanks to the announcement from Binance that it will start burning trading fees. Projects Cardano and Algoran stabilized and look quite resilient amidst the crypto winter. However, there was at least one loser.
Binance’s influence is immense in the crypto market
Binance is the biggest international crypto exchange that leads the pack with over 17% of the market share and several million active retail traders and investors. It is certainly the strongest shark in the industry and can make or break a new project. As LUNC started enjoying renewed interest from traders with its trading volume skyrocketing by 330% to $1.9 billion, USDC lost over 10% of its value in a single swoop.
Binance decided to delist USDC completely reducing the market dominance of USDC and cutting down its price by an additional 10% removing a huge chunk from the market cap. With Binance’s support gone, USDC will no longer be a strong competitor or Tether or even Binance USD which are both still supported by this CEX. However, it is also unlikely that USDC will lose its loyal audience. The 10% drop seems temporary and may bounce back a couple of percentage points very soon.
The stabilization of ETH is also a very important news story. The token seems to be fortifying its positions above the $1300 support line and the amplitude of swings is getting smaller indicating that traders are no longer interested in trying to pull the blanket and want to see where the token will head next.
Bitcoin survived the weekend and did not fall under $19K
BTC dipped a couple of times to $18.6K but started the week strong by climbing over the $19K support line and preparing to hold this line throughout this week which is more than possible considering the stabilization of the crypto market. While recovery is unlikely, Bitcoin should avoid losing too much.
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