To start with Binance’s recent activity update
If you’re wondering why the market value of Binance is falling and how this holding report affects its health, let’s recap. Binance, once a compliant cryptocurrency exchange, is now facing legal and operational trouble. This has raised concerns among the crypto community about Binance’s stability and its role in the cryptocurrency ecosystem. The exchange failed to provide the necessary documentation to the SEC and has been uncooperative.
As a result, Binance’s spot market share has dropped significantly. According to CCData reported by Bloomberg, Binance now holds a 34% market share. To build investor confidence, Binance has released a holding report.
Binance’s Holdings
The data reveals that Binance has lost $12,230 BTC and 198,200 ETH since August. Bitcoin accounts for nearly half of the $1 trillion crypto economy, while Ether makes up 20%. Some Bitcoin enthusiasts believe that Binance could become the next FTX. However, given its uncertain future and the potential impact of any event on market sentiment, this remains to be seen.
Binance recently published its eleventh Proof-of-Reserve (POR) report, which provides a transparent view of its holdings across various digital assets. The report covers 385 cryptocurrencies ranging from popular ones like Bitcoin and Ethereum to more niche coins like Shiba Inu and Polygon.
XRP Holdings
Binance holds users’ XRP with a ratio of 104.15%, surpassing their deposits by over $1.43 billion. This demonstrates a sustained trust in XRP’s exchange stability.
Bitcoin Holdings
In terms of Bitcoin, Binance holds 616,394 BTC valued at over $17 billion. Users have deposited 588,879 BTC, indicating a marginal decrease in the exchange’s overall Bitcoin holdings.
Ethereum Holdings
Binance’s Ethereum holdings have increased by almost 2% in the last month. The exchange currently holds 4.109 million ETH worth $6.73 billion, while users have deposited 3.83 million ETH worth $6.27 billion.
Shiba Inu Holdings
According to the POR report, Binance holds 76.8 trillion SHIB, which is slightly lower than the amount contributed by users last month. This indicates that Shiba Inu fans have withdrawn some SHIB from the exchange.
Litecoin and MATIC Holdings
Binance’s Polygon (MATIC) token portfolio has decreased by 2.5% from 119.86% to 117.16% compared to customers’ net balances. On the other hand, the exchange’s Litecoin (LTC) portfolio has increased by 1% since the last report.
It’s important to note that Binance’s POR reports are self-verified and not audited. However, they demonstrate the exchange’s transparency and responsibility in reporting its crypto holdings.
Hot Take: Binance Struggles Amidst Legal Troubles
Binance is currently facing legal and operational challenges that have led to a decline in its market value and spot market share. The exchange’s failure to cooperate with the SEC and provide necessary documentation has raised concerns among investors and the crypto community.
Despite releasing a holding report to build investor faith, Binance has experienced losses in BTC and ETH holdings. Its future remains uncertain, and any event can significantly impact market sentiment.
However, Binance continues to maintain a healthy balance in terms of XRP, Bitcoin, Ethereum, and other digital assets. The exchange’s POR reports demonstrate its commitment to transparency, although they are self-verified and not audited.
As Binance navigates through its legal troubles, it will be interesting to see how the exchange adapts and rebuilds trust among investors and the crypto community.
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