Corrects to reflect that Binance did not buy more Bitcoin, but that users deposited more tokens into the exchange’s cold wallet.
The balance of Binance’s cold wallet rose by about 101,266 bitcoins on Sunday, reflecting increased deposits by users onto the exchange.
The move comes amid increased selling pressure on Bitcoin, as prices of the world’s largest cryptocurrency slumped to their lowest level since late-2020.
At the time of writing, Bitcoin has marked an increase in its trading volume by almost 35% in the last 24 hours, with $44.4 billion worth of tokens moved, according to coinmarketcap.
BTC crashes below $20k, more pain?
On Saturday, the crypto market experienced a massive fall in the prices of its leading token.
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The Bitcoin price plunged to $19k recording the lowest price of the year. Along with BTC, Ethereum also saw a slump in its price.
The increase in Binance’s Bitcoin wallet balance reflects more tokens being moved onto exchanges, possibly to be sold. Increased exchange inflows have been a recurring trend through this crash, as more traders cash in their crypto holdings for fiat.
The wallet is holding around 353,863 BTC tokens. The worth of the total makes up around $7.03 billion.
At the time of writing, the wallet has 335 unspent tokens.
This BTC wallet has been active since 8th December 2017 and is holding nearly 2% of the total bitcoins mined till now.
Bitcoin sees mild recovery, but downward pressure persists
Bitcoin recovered slightly on Monday, briefly trading above $20,000 as some of the selling pressure over the weekend eased. But the factors that have driven the token’s latest rout- rising inflation and Federal Reserve rate hikes- are still in play.
In addition to macroeconomic headwinds, concerns over mass liquidations of major holders in the market has also dented sentiment. The suspension of withdrawals by beleaguered lender Celsius, coupled with a potential insolvency of hedge fund Three Arrows Capital, has seen extended losses in the crypto space.
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