Cryptocurrency exchanges

Bitcoin Balances on Exchanges Are Draining, Leading Platforms See $10 Billion in BTC Withdrawn in 4 Months

Bitcoin Balances on Exchanges Are Draining, Leading Platforms See $10 Billion in BTC Withdrawn in 4 Months

Bitcoin prices have regained momentum during the last two days as the price per coin touched a March 2021 high at $54,822 on Tuesday morning (ET). Back in December 2020, it was noted that bitcoin on exchanges dropped to a three-year low and this year bitcoin exchange balances continue to plummet. A whopping 189,000 bitcoin was withdrawn from the top five leading cryptocurrency exchanges since October 2020.

The price of bitcoin (BTC) is doing well this week and at the time of writing, the leading crypto asset is currently exchanging hands for $53,820 per coin. Last week, the price was much lower hitting a low of $43,171 per unit on Bitstamp on February 28. Meanwhile, onchain data shows that bitcoin exchange balances held on popular trading platforms are continuing to deplete.

On March 7, the sophomore finance major, William Clemente III tweeted about bitcoin balances on exchanges taking another dive. Clemente shared a chart from the onchain crypto analysis web portal Glassnode.

#Bitcoin Balance on Exchanges taking another dive pic.twitter.com/F20tohfXsu

— William Clemente III (@WClementeIII) March 7, 2021

The onchain analysis aggregator Glassnode stats show that popular trading exchanges like Coinbase, Binance, Huobi, and many other platforms lost 20% of bitcoin balances during the last 12 months. As usual, bitcoiners believe that the data suggests investors are accumulating, rather than selling the bitcoin on exchanges. For instance, news.Bitcoin.com noted that exchange balances were sinking in December 2020 and draining in October 2020 as well. On October 16, 2020, our newsdesk reported that 187,000 BTC had been withdrawn by customers since June 2020.

144 days ago in mid-October, Coinbase was the leading exchange with the most bitcoin under the hood, and still is the leader to this day. At the time, however, Coinbase held 908k BTC and today, stats show Coinbase only holds 870k BTC. That’s 34,000 BTC that’s left the San Francisco exchange in the last 21 weeks. This was also after the exchange saw 36,000 BTC in withdrawals leave Coinbase since June 2020.

At that time, Huobi Global was the second-largest holder, in terms of crypto exchange balances. However, today Huobi has been pushed down to the third position and replaced by Binance. Huobi had 345k in BTC, but approximately 93,000 bitcoin left the exchange since then. The top five cryptocurrency trading platforms, in terms of transparent bitcoin balance rank, are pictured in the screenshot below. Exchange Balance Rank data stems from the Bituniverse exchange market statistics.

Bitcoin Balances on Exchanges Are Draining, Leading Platforms See $10 Billion in BTC Withdrawn in 4 Months

Binance is now the second-largest holder in terms of crypto exchange balances of BTC, according to a combination of Bituniverse, Peckshield, Chain.info, and Etherscan statistics. The exchange currently holds a supply of 215,000 BTC at the time of publication, but four months ago, Binance held 266k BTC as it lost 51,000 BTC to customer withdrawals.

Back then, the San Francisco exchange Kraken was the seventh-largest bitcoin exchange balance holder and today, Kraken has captured the fourth position. Today Kraken holds 137,000+ bitcoin in reserves, but four months ago that aggregate number was 132k BTC. It means that Kraken has gained some lead in the bitcoin exchange balance race since October of last year.

The fifth positioned top BTC holding exchange is Okex and the trading platform held the fifth spot back in October 2020 as well. Still, back then Okex had 198,000 BTC in reserves and it now holds 187,000 BTC. This means 11,000 BTC has been withdrawn from Okex since October 16, 2020. Bitmex saw 3,000 BTC withdrawn since our last study on the significant exchange withdrawals taking place during the last year.

The combination of BTC exchange balance data indicates that since mid-October, the top five leading exchanges lost 189,000 BTC or more than $10 billion using today’s bitcoin (BTC) exchange rates. The stats can be seen leveraging Glassnode’s BTC exchange balance data and by looking at individual exchanges using Bituniverse’s Exchange Balance Rank.

Billions of dollars in bitcoin leaving centralized cryptocurrency exchanges suggests that people want to keep their coins safe in a noncustodial fashion and to many observers, it also means they don’t want to sell those coins in the short-term.

What do you think about the depleting bitcoin exchange balances and the top five exchanges losing 189,000 bitcoin to customer withdrawals? Let us know what you think about this subject in the comments section below.

Balance Ranks, Binance, Bitcoin, Bitcoin (BTC), Bitcoin withdrawals, bitcoin withdrawn, BitMex, bitmex jail, Bituniverse, Bituniverse Reserves, BTC Price, Coinbase, crypto exchanges, Exchange Balances, Glassnode Data, Huobi, Kraken, Trading Platforms, William Clemente III

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Source: bitcoinslate.com

Author: admin


Korean crypto exchange Bithumb toughens up its Anti-Money Laundering measures

Korean crypto exchange Bithumb toughens up its Anti-Money Laundering measures

South Korean cryptocurrency exchange Bithumb is toughening its approach to Anti-Money Laundering enforcement with a series of new measures that include trading restrictions, stronger Know Your Customer checks, and specialized blockchain intelligence solutions.

The popular exchange, which has an estimated average of 1 million daily users and a daily transaction volume worth 5–7 billion ($4.4–6.2 million), had a troubled 2020 beset by police investigations over allegations of fraud.  

After a series of reported negotiations with various firms for a potential acquisition, major gaming conglomerate Nexon denied it was planning to acquire Bithumb earlier this year. The Korean Herald today cites fresh rumors that JPMorgan and CME Group may now be considering a purchase of majority shares in the exchange.

A local commentator cited by the Herald suggests that Bithumb’s chairman, Lee Jeong-hoon, may be biding time until the exchange’s corporate value “reaches 1 trillion won at least” — a figure similar to the reported value of another top Korean platform, Upbit.

Bithumb’s new, toughened Anti-Money Laundering regime includes placing restrictions on accounts registered in countries that are on the Financial Action Task Force’s “increased monitoring” list for failing to implement measures to combat financial crime, as well as those labeled “high-risk jurisdictions.”

Countries on the former list include Myanmar, Barbados, Iceland and 15 others, with the latter list limited to two: Iran and the Democratic People’s Republic of Korea. All existing accounts in these regions will be frozen and new accounts banned.

In addition, Bithumb is partnering with Octa Solution to implement its Anti-Money Laundering tools for crypto assets, as well as using solutions developed by Chainalysis and Dow Jones Risk & Compliance.

In other domestic cryptocurrency news, South Korea’s Ministry of Economy and Finance has recently announced its plans to implement a 20% tax on Bitcoin (BTC) and cryptocurrency profits starting Jan. 1, 2022. As of March, an expected revision to the country’s Specific Financial Transactions Act will also see crypto exchanges fall under new regulatory obligations, including AML requirements.

Source: cryptoprofitbot.com

Author: Crypto Nanobot


Crypto Exchange Gemini Is Official Partner of Oxford-Cambridge University Boat Race

Crypto Exchange Gemini Is Official Partner of Oxford-Cambridge University Boat Race

The recent partnership starts the creation of the Gemini Boat Race Bursary Scheme that offers rowing instructions as well as education to students via the Fulham Reach Boat Club.

In an interesting development, crypto exchange Gemini is now the principal partner of the 2021 Oxford-Cambridge University Boat Race. The Boat Race Company Limited organizing this event made the official announcement on Monday, March 8.

Thus, Gemini founders Tyler and Cameron Winklevoss shall be officially backing the 166th men’s and 75th women’s events on Easter Sunday, April 4. Boat Race Company chairman Robert Gillespie also said:

“We are delighted to welcome Gemini as the principal partner of the Boat Race. The fact that a global and innovative FinTech company is joining as a Boat Race partner at this time demonstrates a high level of trust and confidence in the careful planning and work that BRCL and local stakeholders have put in over the past few months to stage an event that is fully compliant with Covid safety regulations and therefore closed to the public.”

Crypto exchange Gemini ade inroads into U.K’s crypto market last year in 2020. It is one of the world’s top crypto exchanges offering a simple and secure way to buy, sell, store and earn on crypto. The recent partnership with Boat Race Company kickstarts the creation of the Gemini Boat Race Bursary Scheme.

The £75,000 Bursary will provide rowing instructions as well as education to students via the Fulham Reach Boat Club. This club is a registered charity and popular for eliminating financial barriers ensuring participation for all.

The Boat Race Company works with East Cambridgeshire District Council and other local agencies.

The association of Winklevoss twins to the Boat Race dates back to 2010. Back then, the twin brothers competed for Oxford but Cambridge emerged as the winner of the event. The twins have also rowed for the US at the Beijing Olympics. Speaking about it, Gemini President Cameron Winklevoss said:

“Our experience in rowing taught us that whether you are building yourself as an athlete or building a startup, the power of big dreams together with conviction and perseverance cannot be underestimated. We are excited to support this historic event to go ahead safely and widen access to the sport through The Gemini Boat Race Bursary Scheme. Our hope for the Bursary Scheme is to enable more young people to explore the skills that rowing develops in and outside of the boat, including focus, confidence and teamwork.”

Read other crypto-related news on Coinspeaker.

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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Bitcoin Balances on Exchanges Are Draining, Leading Platforms See $10 Billion in BTC Withdrawn in 4 Months – Exchanges Bitcoin News

Bitcoin Balances on Exchanges Are Draining, Leading Platforms See $10 Billion in BTC Withdrawn in 4 Months – Exchanges Bitcoin News

Bitcoin prices have regained momentum during the last two days as the price per coin touched a March 2021 high at $54,822 on Tuesday morning (ET). Back in December 2020, it was noted that bitcoin on exchanges dropped to a three-year low and this year bitcoin exchange balances continue to plummet. A whopping 189,000 bitcoin was withdrawn from the top five leading cryptocurrency exchanges since October 2020.

The price of bitcoin (BTC) is doing well this week and at the time of writing, the leading crypto asset is currently exchanging hands for $53,820 per coin. Last week, the price was much lower hitting a low of $43,171 per unit on Bitstamp on February 28. Meanwhile, onchain data shows that bitcoin exchange balances held on popular trading platforms are continuing to deplete.

On March 7, the sophomore finance major, William Clemente III tweeted about bitcoin balances on exchanges taking another dive. Clemente shared a chart from the onchain crypto analysis web portal Glassnode.

#Bitcoin Balance on Exchanges taking another dive pic.twitter.com/F20tohfXsu

— William Clemente III (@WClementeIII) March 7, 2021

The onchain analysis aggregator Glassnode stats show that popular trading exchanges like Coinbase, Binance, Huobi, and many other platforms lost 20% of bitcoin balances during the last 12 months. As usual, bitcoiners believe that the data suggests investors are accumulating, rather than selling the bitcoin on exchanges. For instance, news.Bitcoin.com noted that exchange balances were sinking in December 2020 and draining in October 2020 as well. On October 16, 2020, our newsdesk reported that 187,000 BTC had been withdrawn by customers since June 2020.

144 days ago in mid-October, Coinbase was the leading exchange with the most bitcoin under the hood, and still is the leader to this day. At the time, however, Coinbase held 908k BTC and today, stats show Coinbase only holds 870k BTC. That’s 34,000 BTC that’s left the San Francisco exchange in the last 21 weeks. This was also after the exchange saw 36,000 BTC in withdrawals leave Coinbase since June 2020.

At that time, Huobi Global was the second-largest holder, in terms of crypto exchange balances. However, today Huobi has been pushed down to the third position and replaced by Binance. Huobi had 345k in BTC, but approximately 93,000 bitcoin left the exchange since then. The top five cryptocurrency trading platforms, in terms of transparent bitcoin balance rank, are pictured in the screenshot below. Exchange Balance Rank data stems from the Bituniverse exchange market statistics.

Bitcoin Balances on Exchanges Are Draining, Leading Platforms See $10 Billion in BTC Withdrawn in 4 Months

Binance is now the second-largest holder in terms of crypto exchange balances of BTC, according to a combination of Bituniverse, Peckshield, Chain.info, and Etherscan statistics. The exchange currently holds a supply of 215,000 BTC at the time of publication, but four months ago, Binance held 266k BTC as it lost 51,000 BTC to customer withdrawals.

Back then, the San Francisco exchange Kraken was the seventh-largest bitcoin exchange balance holder and today, Kraken has captured the fourth position. Today Kraken holds 137,000+ bitcoin in reserves, but four months ago that aggregate number was 132k BTC. It means that Kraken has gained some lead in the bitcoin exchange balance race since October of last year.

The fifth positioned top BTC holding exchange is Okex and the trading platform held the fifth spot back in October 2020 as well. Still, back then Okex had 198,000 BTC in reserves and it now holds 187,000 BTC. This means 11,000 BTC has been withdrawn from Okex since October 16, 2020. Bitmex saw 3,000 BTC withdrawn since our last study on the significant exchange withdrawals taking place during the last year.

The combination of BTC exchange balance data indicates that since mid-October, the top five leading exchanges lost 189,000 BTC or more than $10 billion using today’s bitcoin (BTC) exchange rates. The stats can be seen leveraging Glassnode’s BTC exchange balance data and by looking at individual exchanges using Bituniverse’s Exchange Balance Rank.

Billions of dollars in bitcoin leaving centralized cryptocurrency exchanges suggests that people want to keep their coins safe in a noncustodial fashion and to many observers, it also means they don’t want to sell those coins in the short-term.

What do you think about the depleting bitcoin exchange balances and the top five exchanges losing 189,000 bitcoin to customer withdrawals? Let us know what you think about this subject in the comments section below.

Balance Ranks, Binance, Bitcoin, Bitcoin (BTC), Bitcoin withdrawals, bitcoin withdrawn, BitMex, bitmex jail, Bituniverse, Bituniverse Reserves, BTC Price, Coinbase, crypto exchanges, Exchange Balances, Glassnode Data, Huobi, Kraken, Trading Platforms, William Clemente III

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Source: bitcoin-core-news.com

Author: by admin


Coinbase reportedly hits pre-IPO valuation of $100 billion in private auction

Coinbase reportedly hits pre-IPO valuation of $100 billion in private auction

Binance

Prominent Bitcoin (BTC) and cryptocurrency exchange Coinbase could be headed for an IPO valuation of $100 billion, after shares reportedly sold for up to $375 each in a private auction.

Shares in Coinbase Global Inc. reportedly traded for a price between $350 and $375 per unit on the Nasdaq private auction market last week, giving the company a pre-IPO valuation of between $90-$100 billion, according to a report by Bloomberg. Trading reportedly ended with the share price at $350.

A Coinbase series E funding round in 2018 first saw the stock valued at a potential $8 billion. That valuation increased as shares were then privately traded at a price of $200 on a private forum created by Coinbase in January. The company was deemed to hold a valuation of roughly $50 billion at the time.

The price of privately traded shares is partly used to set a reference price for the stock when companies finally go public on the Nasdaq platform. Coinbase announced its intention to launch an initial public offering in mid-2020, before filing registration with the SEC in December.

Having launched in 2012, Coinbase represents one of the most long-standing cryptocurrency exchanges in the business. It currently processes the second-most trade volume among centralized exchanges and was recently revealed to store coins with a value equating to 11% of the total crypto market capitalization for its customers.

Bloomberg, which claimed to have received the latest share prices from an anonymous source, notes that pre-IPO market activity is not always an accurate representation of how the stock will trade when it goes live. Restrictive trade volumes in private markets don’t accurately convey live open market conditions.

Source: cryptomoneyteam.co

Author: By TeamMMG


Bitcoin Balances on Exchanges Are Draining, Leading Platforms See $10 Billion in BTC Withdrawn in 4 Months

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