The largest cryptocurrency exchange in the world, Binance, is having trouble keeping its holdings. As per Forbes, the situation with Binance withdrawals is still in flux despite the cryptocurrency markets' rebound since the FTX exchange's collapse. According to the Forbes, which provided light on Binance's current situation, the cryptocurrency giant lost $12 billion in assets as a result of users' continued withdrawals from the exchange.
The cash outflow from Binance is much worse than CEO Changpeng Zhao predicted last month, and it has gotten much worse since then.
Binance's stablecoin, BUSD, lost market value from its peak in November, when it was valued at almost $23 billion, to its current level of $16.4 billion.
Withdrawals from the Binance exchange will exert drastic impact on BNB prices in 2023. If the withdrawals goes like this then binance coin price may hover around $285.17, if any negative sentiments continue to prevail over the months according to the data from santiments and experts analysis from coinpedia.
Is Binance Safe - What should investors do?
For investors, given the lack of transparency and all the chaos happening in the crypto world, the simple answer is that it just makes sense to withdraw from Binance right now.
But for long term investors it would be beneficial if they wait. Binance in news for many other good things also like Binance now holds largest #shiba inu tokens. According to data from etherscan.io, Binance exchange now, or $738.55M, stored in two wallets, "Binance 28" and "Binance 8."
According to CoinMarketCap data, Binance's reseves total approx 87 trillion Shiba Inu, or $765.33M, spread among 7 of its related wallets.
Binance Loses $12 Billion! - Is Binance Safe
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