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.
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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.
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published by editions Larousse
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