There’s a lot that has been happening in the crypto-verse. From the downfall of the FTX empire to the market crash, cryptocurrencies have been the topic of discussion across the globe. While the community was being hit with an array of information, it was brought to light that earlier today 53,000 Bitcoin were moved out of Binance.
Alongside FTX, prominent crypto exchange Binance has been making headlines. The security that the platform offers was lauded by many in the ecosystem. However, the latest movement of funds brought about fear in many. Further on-chain verification pointed out that the transaction was mostly an internal wallet arrangement. In addition to this, it could have been a cold wallet transfer to a reserve-proof wallet, Colin Wu affirmed.
Chinese journalist, Colin Wu went on to further share the details of the transactions.
Over the last week, a significant amount of Bitcoin was moved off of exchanges. Triggered by the downfall of FTX, a whopping 192,340 BTC worth $3.2 million was withdrawn from these platforms.
Currently, Binance stands second on the Bitcoin balances on exchanges list. As seen in the below image, the exchange entailed about 476,764.47 BTC.
Coinbase Pro topped the list with 529,345.95 in its Bitcoin reserve. Following its downfall, FTX held a dainty 6.71 BTC.
Will Bitcoin find its way back to $18K?
Right after Bitcoin plummeted to a low of $15,682.69, several began suggesting that crypto was a sinking ship. With no proper regulations in place, the industry would endure more such downfalls. Amidst all of this, BTC was trading for $16,527.28 with a 1 percent daily drop, at press time.
The daily chart of Bitcoin points out the volatility of the asset. In addition to this, it should be noted that BTC’s dominance was at a low of 38.16 percent.
Bitcoin’s journey back to $18K is likely to take longer than expected as several platforms were seen halting their trading services.