Binance Bitcoin reserves double, while proprietary stablecoin BUSD … – CryptoSlate

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The global crypto market cap is $1.05 trillion with a 24-hour volume of $26.74 billion. The price of Bitcoin is $26,918.31 and BTC market dominance is 49.9%. The price of Ethereum is $1,555.59 and ETH market dominance is 17.8%. The best performing cryptoasset sector is Yield Farming, which gained 8%.
Bitcoin’s stronghold in Binance’s reserves intensifies as stablecoin numbers tumble
Year-to-date data for 2023 reflects significant shifts in Binance’s proof of reserves, an official disclosure of the exchange’s on-chain assets.
Bitcoin, buoyed by a 60% appreciation, has seen Binance reserves double from $9.4 billion in January to $17.5 billion in October. This surge has boosted Bitcoin’s share in Binance’s reserves from 27% at the start of the year to approximately 50% by October.
However, there has been a steep decline in BUSD, Binance’s proprietary stablecoin, whose reserves have plummeted from $13 billion to $2 billion. Ethereum reserve figures remained relatively stable, increasing slightly from $5.4 billion to $5.9 billion, despite the cryptocurrency appreciating 30% year-to-date. The Tether (USDT) reserves have grown from $3.8 billion to $5 billion, contrasting sharply with USD Coin (USDC), which tumbled from $2.6 billion to a mere $720,000.
This observation is backed up by Andre Dragosch, the Head of Research at Deutsche Digital Assets, who noted a paradoxical trend: While Bitcoin rallied by 80% since November 2022, there has been a noticeable decline in overall crypto reserve assets during the same period.
These shifts underline a clear trend: Bitcoin is becoming an increasingly dominant reserve for Binance amidst varied market dynamics.
James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century’s paramount invention.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
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