To: TobagoJack  who wrote (64905 ) 2/22/2023 11:59:51 AM From: Pogeu Mahone     Read Replies (1)  | Respond to    of 217528  looks like Binance is on the ropes:BUSD Stablecoin Temporarily Plunges to 20 Cents on Binance  The stablecoin – which currently finds itself in the middle of a regulatory tussle – immediately regained its $1 peg. By  Oliver Knight  Feb 22, 2023 at 9:18 a.m. EST Updated Feb 22, 2023 at 11:04 a.m. EST (Cryptowatch Desktop) Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.  Secure Your Seat  Binance USD (BUSD), the third-largest stablecoin by market cap, quickly dropped to a low of 20 cents against the DAI stablecoin on Wednesday morning as liquidity dried up on the Binance crypto exchange.The plunge was triggered by a single $647,000 market sell order, which prompted a cascade of slippage down to 20 cents. BUSD immediately regained its peg on Binance against DAI as arbitrage traders could feasibly purchase it for below $1 on Binance and sell for $1 on another exchange.  laughing my ass off;0))) At press time, there are $3.38 million in aggregated sell orders down from the $1 dollar peg to 20 cents, meaning that it would require a $3.38 million market sell to again take price to that level, according to  Binance's orderbook . For Wednesday's $647,000 sell order to trigger a move to the downside of that magnitude meant liquidity was either pulled from the book shortly before the sale was made, or a pricing error failed to account for resting buy orders. BUSD has been embroiled in a regulatory tussle after the New York Department of Financial Services (NYDFS)  ordered Paxos to stop issuing the stablecoin , a move that will see BUSD supply trend towards zero over time.