A BUSD price chart is utilized by traders as part of their technical analysis of this token. The charts depict the price history of an asset over a certain time frame (which you can set).

Binance USD (BUSD) Price Chart

Price charts enable traders to monitor the value of their current assets as well as previous and forecast price volatility. If you want to become a crypto trader, then you might need to learn about price charts, discover the crypto price trends, and know some basic candlestick patterns. Then, you can perform price analysis.

So, how do you read a candlestick price chart? The x-axis (left to right) of a price chart is utilized to read the time component. The more you go to the left, the more you move to the past. At the top of the charts, you can select the unit of time that corresponds to a one-time unit. Each candle represents a single time unit. If the timer is set to five minutes, then each candle shows the change in price over the past five minutes.

The vertical axis displays the price of the instrument. The height of a candle correlates to the current market price. That’s it! Now you can understand a cryptocurrency price chart. 

Basic candlestick elements

Each candle on the chart consists of four main components. These four components make up the acronym OHLC: 

• Open

This is the price that was paid for a particular cryptocurrency at the beginning of the chosen time period.

• High

The highest price at which the majority of transactions happened during the allowed time frame.

• Low

The lowest price that was paid for this cryptocurrency within a chosen time frame. 

• Closed

The price of the last completed trade order within a selected time period. 

The candle is open if the lowest portion of its body is red (or any other color denoting a lower close than open). If the candle is red (or any other color that indicates a greater degree of closure than open), the height of the candle's body represents the opening.

What exactly is Binance USD (BUSD)?

Binance USD is a regulated, collateralized, fiat-backed stablecoin pegged at a 1:1 ratio to the US dollar. The New York State Department of Financial Services (NYDFS) sanctioned the USD-denominated stablecoin, which was founded by two major entities — Paxos and Binance. Notably, it was one of the few stablecoins approved in the United States.

Paxos is a regulated blockchain technology company that provides external businesses with stablecoin-as-a-service. In this instance, they serve as the third-party reserve for the Binance stablecoin in a U.S. bank that is FDIC-insured.

BUSD was established, like other wrapped stablecoins, to facilitate transactions inside the decentralized finance (DeFi) ecosystem. In addition to being compliant with the ERC-20 token standard and supporting the BEP-2 wallet, the stablecoin backed by fiat is compatible with many blockchains.

For every BUSD a person owns, an equivalent amount of money is maintained in a traditional bank account. As previously indicated, a quantity equivalent to the real BUSD supply is kept by Paxos, which functions as a third-party reserve at an FDIC-insured U.S. bank.

In addition, because BUSD is a wrapped token, it is susceptible to the same market activity as its equivalent in fiat currency. In other words, whether the value of the fiat currency increases or decreases, the BUSD token has the same effect.

BUSD exists on three distinct chains: Ethereum, BNB Chain, and Binance Chain, and is capable of achieving three key characteristics: accessibility, flexibility, and speed.

A little about the history of Binance USD 

Binance USD (BUSD) is an ERC-20 token released on the Ethereum (ETH) Blockchain that promises to combine the dollar's stability with blockchain technology. It was launched on September 5, 2019. In order to support the Ethereum blockchain, you can buy Ethereum easily.

BUSD was initially accessible for direct purchase and 1:1 redemption for U.S. dollars on the Binance and Paxos platforms and may be exchanged on Binance for BTC, BNB, or XRP. Withum, a well-regarded public accounting company, conducts an audit of the stablecoin.

BUSD became accessible on the Binance platform for trading with BTC, BNB, or XRP on September 20, 2019. Monthly audits of the stablecoin are conducted by the accounting company Withum, as mandated by the NYDFS.

Who are the founders of Binance USD?

Binance USD (BUSD) is a fiat-collateralized stablecoin that was released in September 2019 in partnership with Paxos. BUSD is the first stablecoin to be issued as part of the Venus project by Binance. At the time of introduction, it was also disclosed that the NYDFS has authorized the new service that Binance is launching in cooperation with Paxos.

Paxos, a New York-regulated financial institution, produces BUSD. The Paxos team, led by CEO and co-founder Charles Cascarilla, is comprised of professionals with diverse backgrounds and skills spanning from Wall Street to Silicon Valley.

Rich Teo, the Co-Founder of Paxos, Charles Cascarilla, the Chief Executive Officer and Co-Founder of Paxos, and Changpeng Zhao, the Chief Executive Officer and Founder of Binance, are noteworthy people in Binance USD’s (BUSD) history.

How does Binance USD work?

In comparison to other stablecoins, BUSD's underlying mechanism is rather straightforward. Notably, BUSD has a deflationary mechanism that assures the supply and reserve ratio for BUSD/USD remains constant at close to 1:1. In other terms, the process assures that each BUSD in the Paxos reserve may be exchanged for $1 USD.

When BUSD is purchased, a BUSD equivalent is produced and a fiat equivalent is sent to Paxos for safekeeping.

In contrast, when a BUSD is submitted to Paxos, the blockchain infrastructure platform burns the token and pays you with the fiat equivalent when a sell order is requested, in order to preserve a 1:1 supply/reserve ratio for BUSD/USD.

BUSD is based on the ERC-20 standard for tokens. Thus, it is compatible with a number of ERC-20 smart contacts. Similarly, the BUSD token standard facilitates interoperability across Ethereum-based exchange wallets.

How is BUSD regulated?

New York state regulators have imposed specific requirements on Paxos, Binance, and the operation of stablecoins. In addition to ensuring that the token is completely collateralized, Paxos must control the generation and burning of BUSD tokens. Paxos has the right to freeze accounts and remove funds if unlawful conduct is detected. All of these principles correspond to the Trust Charter and relevant New York banking laws.

SetLawEnforcementRole is a new function embedded within the token's smart contracts that represent the regulation of the stablecoin. This short piece of code enables Paxos to enforce NYDFS regulations using the previously specified powers.

As stated above, these characteristics pertain to the Paxos-issued BUSD on Ethereum. Binance-Peg BUSD, issued by Binance on BNB Chain (formerly Binance Smart Chain), runs under distinct protocols and is neither issued by Paxos nor regulated by the NYDFS.

How is BUSD different from other stablecoins?

BUSD is distinct from other stablecoins on the market in a number of key ways. First, BUSD belongs to the group of stablecoins backed by fiat currency. There are other crypto-backed stablecoins, such as DAI, that employ crypto assets as their reserves.

Additionally, there are algorithmic stablecoins with no collateralization. These initiatives aim to regulate the stablecoin's supply by generating and burning tokens.

But how does BUSD differ from other stablecoins backed by fiat? Paxos discloses regular audits demonstrating that its U.S. dollar reserves match the supply of BUSD 1:1.

As part of BUSD's obligations as a regulated cryptocurrency, audits are conducted by the accounting company Withum. Not every project achieves this, and some stablecoins backed by fiat may not have the reserves they claim to have.

For instance, a case initiated by the New York Attorney General revealed that the reserves for the stablecoin Tether (USDT) are not backed by fiat currency on the whole. This revelation directly contradicted assertions made by Tether in the past.

Current and past price indexes of BUSD

The Binance USD price over time was around $1.00 USD almost all the time, and the 24-hour trading volume was over 5 billion USD in 2022. The CEX.IO’s BUSD to USD exchange rate is updated in real-time. The CoinMarketCap ranking of BUSD was #6, with a market capitalization of over 17 billion USD in 2022. There were 17,547,224,379 BUSD coins in circulation at that time, and the maximum supply was unavailable. 

How to buy Binance USD in a few short steps

The entire procedure may be completed in as little as 15 minutes using a smartphone or computer with good internet connection. Here’s how to proceed:

- Find a crypto exchange

The most convenient way to purchase Binance USD is through a cryptocurrency exchange. Make sure the one you choose supports BUSD, has good security protection, and has a wide range of deposit and withdrawal options. 

- Create an account

To create an account on an exchange, you must authenticate your identity and email address. Prepare your photo ID and your phone for further KYC checks.

- Make a deposit

Once you've been validated, you may deposit funds using the method that best fits you, including credit card, crypto, PayPal, and transfers.

- Buy Binance USD

Your cash can now be converted to Binance USD. On simpler exchanges, this is as easy as inputting the amount you wish to buy and hitting the buy button. You may then withdraw your Binance USD to your personal wallet if you so want.

What is the best place to buy Binance USD?

BUSD coins can be purchased in a number of ways. You might utilize a Bitcoin ATM supporting this crypto or a Bitcoin exchange platform. BUSD is currently not supported at CEX.IO, but you can buy BTC with a credit card and buy numerous other crypto with a debit card. Bank transfers and online wallets are also available.

Additionally, you may quickly buy Dogecoin, convert BTC to USD, and sell Bitcoin.

Binance USD (BUSD) price history

The rise and momentum of the BUSD stablecoin have been rather amazing, though having Binance's backing has helped. The increase in market capitalization from $17 million in September 2019 to $182 million in March 2020 is noteworthy.

In 2022, BUSD ranked 6th based on market capitalization among all cryptocurrencies, and third among stablecoins. Binance USD price prediction is not fluctuating, since the token is expected to maintain a 1:1 ratio.

FAQ

Can I buy crypto using the CEX.IO mobile app?

Using the CEX.IO mobile app you can trade numerous crypto markets, sell crypto for dollars instantaneously, or convert it into fiat or other cryptocurrencies with only a few taps on the mobile app. To buy crypto via the CEX.IO App:

• Download the app from Google Play Store or App Store.
• Sign in to your CEX.IO account.
• Go to the Buy option and choose the currency.
• Select the payment method and confirm the purchase.

What is the minimum amount required for a crypto deposit?

In order to deposit crypto to your CEX.IO account, you must transfer your funds from an external wallet to the relevant CEX.IO wallet. You can find the minimum amount requirements on our Limits and Commissions page. Be attentive, if you send the lower amount, your transaction may be stuck on the network.

Where to monitor the crypto price index?

On the CEX.IO Prices page, you can always check real-time crypto prices and use simple tools to analyze cryptocurrencies' performance. Using cutting-edge technologies, CEX.IO allows you to monitor the most recent price variations and real-time cryptocurrency market circumstances.