Binance’s dominance of USDT trading is increasing BUSD’s volatility

It was true that Binance was one of the top exchanges for trading Binance USD (BUSD), a stablecoin pegged to the US dollar. According to CoinMarketCap, Binance accounted for a significant portion of BUSD trading volume.

It is also true that Tether (USDT) was a popular trading pair for BUSD, as stablecoins are often paired with each other on cryptocurrency exchanges. This allows traders to quickly and easily move between different stablecoins without having to convert to fiat currency.

The fact that a small percentage of BUSD volume was paired with the Turkish lira is not surprising, as cryptocurrency adoption and trading can vary widely by region. Turkey has seen a surge in cryptocurrency adoption in recent years, and the Turkish government has taken steps to regulate the industry. As a result, it is possible that some traders in Turkey are using BUSD to facilitate cryptocurrency trading.

It is worth noting that trading volume can be highly volatile and subject to fluctuations based on market sentiment and other factors. As such, it is important to consider multiple factors when evaluating the relative merits of different cryptocurrencies or trading pairs.