As you probably read or heard by now, the US SEC seems to be on a crusade against the part of the crypto world they can touch, more or less directly.
Last week it was Kraken and staking on their exchange, this week it's Paxos, and the real target, Binance, with its stablecoin BUSD.
It's interesting that the market exploded yesterday, after some days of red and FUD. Here's bitcoin, but the move was generalized:
Bitcoin jumped over 10% within 24 hours. And people love it.
Now, if we look at this article, it seems whales are fleeing from centralized stablecoins and into bitcoin and other volatile coins. In particular USDC, the article mentions, as Circle may be the next target for the SEC.
The question is, are they afraid of what SEC will do, or do they think it's time to switch because the market is ready to start growing?
Maybe... both?
There were okay-ish CPI numbers announced, but I don't think it was anything to justify a 10%+ jump for bitcoin.
Anyway, going back to the Paxos-BUSD news, after reading CZ's tweet storm multiple times I understood they are not going to cling onto BUSD. In fact, they are looking for alternatives.
Which made me think: Ok, if they won't hold on to their main (only?) stablecoin, one they invested a lot into growing, promoting, and integrating into their products, should I, a mere user do that?
And my decision was not to. So, the day before yesterday I moved all BUSD (and not only) on Hive as HBD. About half of them I added to savings, the other part kept liquid, but on the base layer.
Not even 24 hours have passed and this is what I see on Hive-Engine's discord:
Unstable BSC nodes... Ok, this has happened before. But coupled with the issues BUSD is having, I am glad I took most of my funds off BSC. Still have some BNB there, but it was my decision to leave them. I think Binance will find a solution to the BUSD problem relatively soon (probably another centralized stablecoin, in my opinion).
Normally, when nodes are unstable they are unstable for everyone using BSC. That's why, if you want to use the multi-token bridge from Leofinance, for example, it doesn't hurt if you ask first if they have any reports of stuck transactions when using it lately. It worked for me two days ago. But maybe do a test transaction first, if you have a sizeable wrapping or unwrapping operation to do for BSC.