Market News | Binance Wallet Launch Leads to Decline in Trust Wallet Token? USDT Market Cap Hits New High

The cryptocurrency market has been volatile recently, with Binance hinting at the official launch of its long-awaited Web3 wallet, which has caused a drop in the tokens of Trust Wallet, a long-time collaborator.

Binance Launches Web3 Wallet as Trust Wallet Tokens Drop

Binance acquired Trust Wallet in 2018 and has been supporting it since then. Similar to Binance's Web3 wallet, the main purpose of Trust Wallet is to enable users to easily access DeFi and DApp products on different blockchains.

The difference lies in the fact that the Web3 wallet is directly integrated into the main Binance app. This move seems to have led the market to believe that Binance no longer needs Trust Wallet. As a result, Trust Wallet's token, TWT, had risen by 62% since 11/1, but dropped by about 16% after Binance announced the Web3 wallet.

On the same day, Trust Wallet also announced the launch of Wallet as a Service (WaaS), allowing businesses to provide various decentralized services to their users from the perspective of an enterprise service provider.

Binance Web3 Wallet is here! A new gateway to the Web3 realm for millions of users, cross-chain made easy

USDT Continues to Hit New Market Cap Highs

On 11/8, the total market cap of USDT reached 86.16 billion USD, continuously setting new market cap highs since mid-October.

More lending: Tether provides 575 million euros in unsecured debt financing! Strategically invests in Northern Data

GBTC Negative Premium Narrows

According to Coinglass data, the negative premium of GBTC narrowed to -12.24%, but still slightly lower than the -11.03% on 10/20.

At that time, Bitcoin was still at the $28,000 level, but the SEC chose not to appeal the Grayscale lawsuit, and Grayscale once again submitted a Bitcoin spot ETF.

Grayscale Investments Resubmits Bitcoin Spot ETF Application to SEC

Cryptocurrency Market Cap Returns to Pre-Terra Crash Levels

According to CoinMarketCap, the total crypto market cap has returned to the $1.33 trillion USD level seen in May 2022, similar to the early stages of the bull market in February 2021.

Crypto research firm Glassnode recently pointed out that the market is entering an upward trend, with not only mainstream coins rising but also the potential growth of the altcoin market.

Recap: Is the bear market over? Glassnode report: Bitcoin and Ethereum both performing well, entering an upward trend