🚨 The next altcoin going to the moon: Top crypto news analyzed

GM and happy taco Tuesday! 🌮

It's Vanessa, here from the best crypto and Web3 community to ever do it — buidlbee! As usual, I bring you the talk of the town from the crypto streets, the news and analyses guaranteed to bring you one step closer to that crypto bag 🤑

Here's what's been going on...

• Binance and BUSD are next on SEC's hit list 😲

• FLOKI the meme coin might be next to go to the moon 🚀

• Bitcoin might be more like gold than we think 🧐

Friend, to say the least, SEC has been wilding recently, and the next victim on their hitlist is Binance. SEC allegedly planned on suing blockchain Trust Company, Paxos, for maintaining the Binance stablecoin (BUSD) because it violates investor protection laws, as — you guessed it — unregistered security. The New York State Department of Financial Services (NYSDFS) then called on Paxos to stop issuing BUSD.

Paxos has now announced its plan to stop issuing BUSD, effective February 21. New and existing customers will be able to redeem their funds or convert BUSD to Pax Dollar (USDP). The news caused BUSD to lose its 1:1 peg to USD, now sitting at ~0.99 cents, and is forcing Binance to consider replacing all major BUSD pairs with other stablecoins.

BNB also took a plunge by 9%, falling below $300 for the first time this year, and in just one hour, $500,000,000 in withdrawals was experienced on the exchange. This, of course, doesn't dent Binance's more than ample portfolio.

We all want to know one thing — who's next in line? Investors assume Circle and USDC may be the next victims of SEC's stablecoin cancellation. On February 10, Paypal also took a step back from creating its stablecoin, citing regulations as the reason. It looks like no stablecoin is safe from the scrutinizing gaze of the SEC. Who do you think is next on the hit list? Leave a comment on our article to let me know.

There's a new meme coin sheriff in town, and it goes by the name Floki Inu. 😎 The dog coin has become one of the most mentioned meme tokens behind Baby Doge and QUACK coin. Its developers have big plans to take this altcoin to the moon, and in a buidlbee exclusive, they share all the deets.

Over the past week, FLOKI has triumphed as the most-bought asset on the BNB chain, the top-purchased token by the 500 biggest Binance Smart Chain whales [average of $4.9M worth in each account], and sits rightfully among the top 3 most-mentioned meme tokens.

Are the developers on to something? 🤔 The Valhalla metaverse is now on course, as well as a DeFi product — FlokiFi, — and an upcoming NFT marketplace — FlokiPlaces, — crowned with an education platform — University of Floki.

Since the start of the year, FLOKI is up by ~159%. Yesterday, the asset was listed on Australia's SwyftX, which often positively affects the values of assets. At this rate, its developers' enthusiastic wishes may soon come true. Check out the full scoop in our article 🚀

In an unexpected turn of events, the Federal Reserve Bank of New York released a scientific study report on Bitcoin, titled "The Bitcoin-Macro Disconnect," and the deeply analytical paper had some unprecedented conclusions. It was so unusual, that it was published with the tag "monetary surprises."

Contrary to public opinions, it was reported that Bitcoin’s price is mostly independent of both monetary and macroeconomic news, and even if BTC does react to the news, it does so in a significantly smaller window than other assets. This is a big deal because, it categorizes BTC as a defensive asset [i.e., assets that behave contrary to other market factors, e.g., BTC going up when dollar inflation occurs] thereby removing it from the category of a speculative asset only.

The Fed solidifies this fact by recognizing Bitcoin as an ideal asset for hedging traditional financial assets [when big players use defensive assets to balance out their investment portfolios,] as well as a savings mechanism similar to gold. Furthermore, Michael Demissie of BNY Mellon Bank also highlighted the importance of cryptocurrencies to the financial sector, stating that more than 90% of that bank’s customers plan to invest in crypto assets in the near future.

So, friend, if you had your doubts about Bitcoin and the crypto industry as a whole, I urge you to reconsider 😏

Those are all the takes I have for you today. Share them with friends as you celebrate Taco Tuesday, and I'll see you tomorrow with more tips to help you make it with crypto 🔥