Binance Witnesses 5000 BTC Withdrawn in Just 60 Seconds

However, besides the one-minute wonder, a six-day streak from August 17 showed Bitcoin outflows dominating the Binance exchange. Hence, by August 22, 14,460 BTC found their way out of Binance’s reserves.

Recommended Articles
ethereum price crypto news
Crypto Presale Projects For 2023 To Invest; Updated List
Must Read
crypto exchange affiliate programs
Best Crypto Trading Bots List 2023
Must Read
ethereum price crypto news
Top Crypto Marketing Firms / Agencies 2023; Here’s Best Picks [Updated]
Must Read
ethereum price crypto news
Crypto Telegram Channels List 2023 [Updated]
Must Read
ethereum price crypto news
Top 10 Web3 Games To Explore In 2023; Here List
Must Read

Moreover, Binance is one of many platforms seeing such massive withdrawals. Glassnode’s recent insights highlighted a 5-year low for BTC balances across all major exchanges. 

 BTC Balance on Exchages (Source: glassnode)

Consequently, fewer than 2.27 million BTC remain in known exchange wallets. Additionally, these shifts point to ‘HODLers’ preferring the safety of private wallets, indicating a potential reluctance to sell their holdings in the immediate future.

Fee Overhaul at Binance 

Additionally, with Binance’s pivot from a zero-fee Bitcoin trading model starting September 7, the dynamics of its BTC/TUSD trading pair will undergo a significant transformation. The days of enjoying zero-maker and taker fees are ending. Moreover, while the maker fees will hold zero status, taker fees will now hinge on the user’s VIP level.

With Binance phasing out BUSD support in favor of TUSD, a noticeable drop in Tether (USDT) volumes came to the fore. Many seasoned traders and crypto enthusiasts see this as a pivotal moment with far-reaching market implications. Consequently, as this new crypto phase looms, all eyes remain on Binance’s subsequent moves and the overarching market aftermath.

The crypto sphere is experiencing some noteworthy shifts. The landscape is evolving with changes in trading fee structures and substantial BTC withdrawals. As these events unfold, market players and enthusiasts will watch closely, anticipating the next significant turn.

Comments

Post a Comment

Popular posts from this blog

EV Charging Needs to Provide Easier Payment Methods And This Crypto Project Fixes That – How to Invest

Image
Disclaimer: The Industry Talk section Features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com . A new crypto start-up is building an application that looks set to revolutionize the way electric vehicle (EV) drivers pay to charge their cars. C+Charge is building a crypto-based peer-to-peer EV charging payments application that will allow users to pay to charge their EVs with crypto and earn blockchain-based carbon credits as they do so. C+Charge, which is currently being touted as one of the best green crypto projects in on the market at the moment, is currently raising funds via a presale of the CCHG token that will power its payment platform. And investors are piling in funds. In just a few weeks, the project has already scooped up over $86,000. 40% of the token’s maximum supply of 1 billion will be made available to the public over the next few weeks. At present, tokens are currently on offer for $0.013 each,...
Read more

Ripple CEO calls US one of the worst regions for crypto startups

Ripple CEO Brad Garlinghouse says that the United States is one of the worst regions for crypto companies as his company has been struggling with the country’s SEC. Garlinghouse discouraged crypto startups and investors from launching in the US at a Token 2049 panel in Singapore.  Brad Garlinghouse, the CEO of Ripple, calls the U.S. the worst nation for startups to launch. Garlinghouse says the U.S. should consider implementing #crypto policies from Singapore, the U.K., the UAE and Switzerland. — DeFi UnCut (@DefiUncut) September 13, 2023 Moreover, he added that the US should learn from Singapore, the U.K., the UAE and Switzerland to become a crypto -friendly hub.  You might also like: Garlinghouse asserts XRP’s position amid SEC legal tangle According to a report on Sept. 6, the investment migration company Henley and Partners ranks Singapore, the UAE, Hong Kong, and Switzerland as the most crypto-friendly regions for their tax policies, adoption rate and techn...
Read more

Take AI Warnings Seriously – UN Secretary General

Image
Join Our Telegram channel to stay up to date on breaking news coverage The United Nations Secretary-General has added to the list of voices advocating for the regulation of generative Artificial Intelligence (AI). He acknowledged the warnings posed by developers of the technology, urging the world to take them seriously.  UN Secretary-General Urges Global Action on AI On Monday, UN Secretary-General Antonio Guterres held a press address on Policy Brief on Information Integrity on Digital Platforms where he underscored issues such as social media hate speech and disinformation as well as AI and its effects on the world.  “Alarm bells over the latest form of artificial intelligence – generative AI – are deafening. And they are loudest from the developers who designed it,” he said, adding: “These scientists and experts have called on the world to act, declaring AI an existential threat to humanity on a par with the risk of nuclear war. ...
Read more