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Binance has more Bitcoin than Coinbase

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The leading cryptocurrency exchange Binance has surpassed its Nasdaq-listed competitor Coinbase to become the cryptocurrency trading platform with the largest Bitcoin ($BTC) holdings. This is due to the fact that Coinbase’s holdings have been steadily decreasing since the year 2020, while Binance’s holdings have been steadily increasing since the platform’s launch.

According to a chart on Glassnode that was shared by Will Clemente, the lead insights analyst at Blockware Solution, the amount of Bitcoin that is currently held in wallets that are associated with the leading cryptocurrency exchange Binance has surpassed the amount of Bitcoin that is currently held in wallets that are associated with Coinbase.

Since its inception in 2012 as a cryptocurrency trading platform, Coinbase has been one of the most widely used platforms in the industry. Binance was first introduced to the public in 2017, but it shot to fame almost immediately, eventually becoming the exchange with the highest trading volume.

According to the most recent report published by CryptoCompare’s Exchange Review, the cryptocurrency exchange Binance remained in its position as the largest Top-Tier cryptocurrency exchange by volume in December, trading a total of $398 billion. After Binance, the next largest exchange in terms of trading volume was FTX, with $71.6 billion, followed by Coinbase, with $59.1 billion. While Binance had a drop of 24.2 percent in its volume during the previous month, FTX saw a drop of 19.9 percent, and Coinbase saw a drop of 25.8 percent.

The fluctuation in the total amount of bitcoin owned at each exchange may be due to a number of different variables. The cryptocurrency exchange Binance stated that the recent launch of zero-fee trading for Bitcoin spot trading pairs “marks a crucial moment for the cryptocurrency industry.” Binance’s American subsidiary, Binance.US, made the announcement.

Both cryptocurrency exchanges have been actively growing their operations throughout Europe, despite the fact that the latter has been subject to claims that it is currently bankrupt. Since its inception, the share price of Coinbase has experienced a decline of more than 80 percent. Additionally, the exchange has just just discontinued its affiliate program in the United States after reducing the size of a portion of its personnel.

It is important to note that Coinbase had $6 billion in cash at the beginning of this year, in addition to some reserves in cryptoassets. However, the exchange has been witnessing a decline in its market share, and concurrently, the number of mobile application downloads on mobile app stores has witnessed a precipitous decline of fifty percent from the beginning of the year till the present day. The decline occurred at a period of falling prices in the market.

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It is important to note that Binance has been the subject of its fair share of scandals. The exchange was fast to put a stop to wash trading, which was swiftly generated by the zero-fee trading pairs it offers. There are also worries regarding the physical location of the Binance exchange.

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