This is one more sign of Binance’s hegemony, at a time when all cryptocurrency exchanges are struggling. The company is now the entity with the most bitcoins (BTC) in the world.
Binance becomes the world’s largest bitcoin holder
The trend reversal had been underway for some time. By 2021, reserves held by Coinbase had begun to fall sharply, while bitcoins held by Binance followed the opposite trajectory. And the two curves crossed this week :
Bitcoins held by Binance and Coinbase
If we look at the volumes of the two platforms, the difference is even clearer. Over 24h, Binance saw a volume of 23.8 billion dollars transit on its platform, against 3.1 billion for Coinbase.
👉 Discover also – The 10 Best Sites to Buy Bitcoin in 2022 – Safely
-10% off fees with code SVULQ98B 🔥
Binance, a giant even in the middle of the bear market?
The bear market has hit crypto businesses hard for the past few months. But the giant Binance seemed unaffected, and even boasted to hire new employees, while the other exchanges dismissed with a vengeance. Coinbase thus reduced its workforce by 18% last June.
Another proof of its financial comfort, Binance has decided waive BTC transaction fees for his 5th birthday. It is also enough to see where the company’s cryptocurrencies are located to get an idea of its current place. Its BNB is fifth of the most capitalized cryptocurrencies, and weighs 42.3 billion dollars. As for its stablecoin BUSD, it is sixth, with 18.1 billion dollars.
It is often said that bear markets “purge” unserious projects, but they also have another effect. They tend to reinforce the place of the big players, who know how to prove their solidity. Whether one appreciates or views Binance’s current hegemony with suspicion, one thing remains certain: the giant is far from shaken.
👉 Related – Binance fined €3.2m by Dutch Central Bank
published by editions Larousse
Get a crypto news recap every Sunday 👌 And that’s it.
What you need to know about affiliate links. This page presents assets, products or services relating to investments. Some links in this article are affiliated. This means that if you buy a product or register on a site from this article, our partner pays us a commission. This allows us to continue to offer you original and useful content. There is no impact on you and you can even get a bonus by using our links.
Investments in cryptocurrencies are risky. Cryptoast is not responsible for the quality of the products or services presented on this page and could not be held responsible, directly or indirectly, for any damage or loss caused following the use of a good or service highlighted in this article. Investments related to crypto-assets are risky in nature, readers should do their own research before taking any action and only invest within the limits of their financial capabilities. This article does not constitute investment advice.