Bitcoin Reserves Soar, Ethereum Down, Binance Solidifies Position by Releasing Latest Reserve Evidence Report
- WBOYOriginal
- 2024-08-09 09:26:11705browse
Binance, the world crypto exchange giant, has again solidified its position by releasing the latest Reserve Evidence (proof of Reserves) report in July 2024.
Crypto exchange Binance has released its latest Proof of Reserves report for July 2024, providing a detailed snapshot of the exchange’s crypto asset reserves.
According to the report, Binance holds 547,067 BTC in total reserves, covering user liabilities of 468,634 BTC. This marks an increase of 1.29% in Bitcoin reserves compared to the previous month, with an addition of 7,834 BTC. At current market prices, this translates to an influx of approximately $7.2 billion (assuming an exchange rate of $16,000 per BTC).
The report also highlights a slight decrease in Ethereum reserves, with a net outflow of 22,634 ETH. This could be attributed to various factors, including investor profit-taking or shifting interest in other crypto assets. However, overall, Binance’s Ethereum reserves remain at a substantial level.
Binance CEO Richard Teng expressed optimism regarding the future of the crypto market. He noted that the surge in trading activity on Binance, reaching a peak of IDR 19.2 trillion in a single day, is indicative of the strong investor interest in crypto assets.
Teng also acknowledged the current market volatility, but expressed confidence in its eventual improvement. This positive outlook from the Binance CEO will likely provide reassurance to investors who may be hesitant to enter the crypto market due to the recent turbulence.
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