Binance overtakes Coinbase as the largest reserve holder of Bitcoin
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Answer Binance overtakes Coinbase as the largest reserve holder of Bitcoin
According for reports Recently, Binance now holds the largest Bitcoin reserves for the first time ever.
Exchange reserves are an indicator that indicates the total amount of bitcoin currently stored in the wallets of centralized exchanges.
what does that mean?
When the value of this metric increases, it indicates that investors are currently depositing their digital currencies into the trading platform.
On the flip side, the decline means that the owners are currently withdrawing their bitcoins from the exchanges.
The collapse of FTX and its impact on Bitcoin reserves in exchanges:
The downfall of FTX is the root cause of this rapid downward trend that has been occurring.
Read:List of “GameStop” stock futures contracts for trading on cryptocurrency exchange FTX
Investors across the market are becoming increasingly suspicious of centralized trading platforms as a result of FTX’s bankruptcy.
Therefore, they withdraw large sums of money in order to store their coins in the wallets that they keep the keys to.
However, one trading platform in particular has shown a very remarkable development.
Unlike other trading platforms, Binance reserves actually increased during this period.
After the collapse of FTX, Binance first noticed a huge drop in its reserves as well, but recently the platform has seen a huge spike in deposits.
Bitcoin reserves on the exchange recently witnessed a rapid increase that not only compensated for the previous decline, but also surpassed it.
The increase in bitcoin reserves in Binance made it overtake its traditional rival “Coinbase”, the latter being the first in terms of the size of bitcoin reserves.
At press time, Bitcoin is down below the $16,000 level, down nearly 3% in the last 24 hours.
Read:Dogecoin whale that owns $15 billion of Dogecoin is buying more!
The value of the cryptocurrency king has fallen by 18% over the past 30 days.
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