Before we start our article, we correct what is going on in the Arab crypto community from the misconception that Binance bought more bitcoin, but in fact users are the ones who bought and deposited more bitcoin on Binance, which in turn converts it to its cold wallet to keep it for them.

Has risen The balance of the Binance cold wallet reached 101,266 BTC on Sunday, which represents and shows an increase in deposits by users of the platform.

The move comes amid mounting selling pressure on Bitcoin, as prices for the world’s largest cryptocurrency plunged to their lowest level since late 2020.

At the time of writing, Bitcoin has recorded an increase in its trading volume of nearly 35% in the past 24 hours, with $44.4 billion worth of coins moved, according to coinmarketcap.

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Bitcoin price is witnessing a slight recovery but the downward pressure continues:

Bitcoin recovered slightly on Monday, and since yesterday it has been trading above the $20,000 level as some selling pressure eased at the start of the week.

But the factors that led to the significant drop in the price of Bitcoin remain.

In addition to the macroeconomic headwinds, concerns about the mass liquidation of major market holders have also dampened sentiment.

The suspension of withdrawals by Celsius, along with the possible bankruptcy of the hedge fund Three Arrows Capital, has led to widespread and prolonged losses in the cryptocurrency space.

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