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$SUI Token Launches and $BUSD hits Record Low in Activity

May 3, 2023
Market Update Prices slid lower this morning ahead of the Fed's FOMC meeting at 2 pm ET before bouncing back after the Fed's interest rate decision of 25bps was released. Bitcoin and Ethereum are up 0.23% and 0.82%, respectively, while most altcoins are down. $ARB is down 1.69%, $SOL is down 2.13%, and $LDO is down 3.72%. An exception to this is Bitcoin layer 2 blockchain, $STX, which is up 5.28% as transactions on Bitcoin hit all-time highs due to Ordinal and BRC-20 activity picking up, which we discuss in more detail below. Traditional markets are up slightly - SPX is up 0.30%, and NDQ is up 0.30%. The dollar (DXY) is continuing its move lower, down 0.58%. Binance USD (BUSD), Binance's stablecoin that is pegged to the US dollar, has hit a record low in activity among regulatory scrutiny. Data Analytics firm, Glassnode, reported that the number of addresses sending and receiving Binance USD hit a new two-year low based on a seven-day moving address. Data also indicates that the stablecoin supply of BUSD has fallen from over $23 billion to just over $6 billion. BUSD resulted from a partnership between Binance and financial services provider Paxos. The recent drop in BUSD activity coincides with Paxos' Well Notice from the SEC in February. In the notice, the SEC classified BUS

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