Categories: Crypto NewsNews

Binance bitcoin holdings surpasses Coinbase midst bankruptcy rumours

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Nonhlanhla P Dube

The battle for dominance among cryptocurrency exchanges has frequently come down to the amount of bitcoin they hold. This is owing to the prestige that comes with being the first cryptocurrency, as well as the value that it commands. For the longest time, Coinbase has held the market leader in terms of bitcoin holdings. However, it appears that a new monarch has emerged, since Coinbase’s bitcoin holdings have declined.

Binance has surpassed Coinbase

Glassnode is a data analytics firm noted for providing market statistics utilizing on-chain indicators. This time, the firm has revealed a shocking discovery that threatens Coinbase’s market dominance. According to its most recent report, Coinbase is no longer the exchange with the greatest bitcoin balances in the space. Because of its volume, Binance is now regarded as the largest cryptocurrency exchange in the world.

Will Clemente, a market analyst, revealed the discovery on Twitter by posting a screenshot from the Glassnode report. It revealed that, whereas Coinbase’s bitcoin holdings have been declining over the last year, Binance had been swallowing up a significant amount of bitcoin. Coinbase now has less than 600,000 BTC, according to Glassnode. During the bear market, Binance’s Bitcoin balances increased to a new all-time high. A comparison of the two balances over time reveals that the majority of the BTC leaving Coinbase was most likely going to rival Binance.

Bitcoin balances may be incorrect

Following Will Clemente’s tweet, a Coinbase employee came forward to deny the findings, claiming that Glassnode used irrelevant metrics in its analysis. As a result, given its bitcoin in cold storage, its findings are unable to be correct. However, the Binance flippening is not the only source of concern among investors. Various allegations have circulated on social media over the last week suggesting that the crypto exchange was insolvent. This followed the insolvency of Voyager and Celsius, which fueled the notion.

Users of Coinbase have also reported that they have been unable to withdraw funds from the exchange. These difficulties have led to a lower trust rating for the exchange among cryptocurrency users. The exchange recently halted its affiliate marketing program, sparking speculation about a Coinbase crisis.

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Nonhlanhla P Dube

Nonhlanhla P Dube is a senior news reporter at Rateweb. Nonhlanhla is a student of International Relations at the University of South Africa. She reports primarily on personal finance and economics. You can contact her directly by email at nonhlanhla@rateweb.co.za

Published by
Nonhlanhla P Dube
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