Bitcoin has rebounded from major losses before, and its long-term growth remains impressive. Before the pandemic boom in crypto prices, its value hovered well below $10,000. True believers, who call themselves Bitcoin maximalists, remain adamant that the cryptocurrency will eventually break from its correlation with risk assets. Binance USD is a stablecoin that was founded by Paxos and Binance in an effort to create a cryptocurrency backed by the US dollar. To maintain this value, Paxos holds an amount Blog of US dollars that is equal to the total supply of BUSD. As with other stablecoins, BUSD gives traders and crypto users the ability to engage in transactions with other crypto assets while minimizing the risk of volatility. Bitcoin fell by as much as 10% in trading on Monday, capping losses that have totaled 20% during the past week and wiped off $1 trillion in the crypto market’s total value since November.