Accéder au contenu principal

Details of Binance’s On-Chain Health After DOJ $4.3B Settlement: CryptoQuant


The world’s largest cryptocurrency exchange, Binance, has experienced ailing on-chain activities since its $4.3 billion settlement with the United States Department of Justice (DOJ) less than two weeks ago.

According to a report by market analytics platform CryptoQuant, Binance’s reserves have steadily declined as users continue to withdraw their assets.

Binance Reserves Decline

Binance’s reserves have witnessed a 20% drawdown from their all-time high, accounting for the exchange’s largest fall in the last five years. The trading platform’s bitcoin (BTC) reserves have plummeted to around 500,000 BTC from 634,000 BTC in May.

BTC deposit transactions on Binance have also slumped to fresh lows as the exchange sees declining user interest in moving their assets to the platform.

Binance’s bitcoin spot trading volume is not left out. Last week, the figure was lower than those of rival exchanges Coinbase and OKX for the first time since June 2020.

The leading crypto exchange has been under regulatory pressure from several regions this year. Its pact with the DOJ on November 21 emerged as one of the largest crypto settlements in American history. The exchange pleaded guilty to willfully floundering the Bank Secrecy Act and failing to implement a robust anti-money laundering program on its platform.

The settlement entailed Binance founder Changpeng Zhao (CZ) exiting the role of the company’s CEO and paying a fine of $50 million. The news of CZ’s resignation caused an uptick in the number of bitcoins flowing from Binance to other exchanges, leading to the platform’s market share briefly dropping to around 40%.

Binance Maintains Its Dominance

Despite the declines and mass exodus of assets, Binance has maintained its dominance with the highest BTC reserves and 30-day cumulative net flows. The trading platform has recovered its market share, which has returned to roughly 50%.

Judging from the number of BTC moving from Binance to other exchanges over a longer time frame, the DOJ saga triggered a low amount of the asset to move from the leading platform to other trading venues.

“Moreover, the 30-day cumulative net flows in or out of the exchange remain low relative to total reserves, further demonstrating the relatively low impact of recent news when viewed from a longer time frame. Binance still remains the dominant exchange with the highest amount of total Bitcoin reserves,” CryptoQuant stated.

SPECIAL OFFER (Sponsored)

Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).


Source link

The post Details of Binance’s On-Chain Health After DOJ $4.3B Settlement: CryptoQuant appeared first on Job From Home Blog.

Libellés :

Commentaires

Enregistrer un commentaire

Posts les plus consultés de ce blog

13 Apps and Websites That Will Pay You To Watch Ads

Do you know you may get paid to look at advertisements? You possibly can, however b efore you get too excited, perceive that watching advertisements will not exchange your day job or purchase you a brand new automotive. They do, nonetheless, create nice alternatives to monetize your downtime.  How To Watch Adverts for Cash Should you personal a smartphone, there are a lot of methods to earn cash on this gig financial system. Watching advertisements is a wonderful method for 14 and 15-year-olds in search of work  to earn money. Earn cash by watching advertisements briefly bursts in your free time, like when your youngsters are napping or throughout a espresso break. You might also be capable to redeem factors without cost Amazon present playing cards or present playing cards from different retailers . Which brings us to the query, how precisely do you receives a commission to look at advertisements, and the way a lot cash are you able to anticipate to make? What websites do y...
Enregistrer un commentaire
Lire la suite

AI research highlights in finetuning ChatGPT-like LLMs

This article is a compilation of 23 AI research highlights, handpicked and summarized. A lot of exciting developments are currently happening in the fields of natural language processing and computer vision! In addition, if you are curious about last month’s highlights, you can find them here: AI Research Highlights In 3 Sentences Or Less (April-May 2023) Direct Preference Optimization: Your Language Model is Secretly a Reward Model ( https://ift.tt/fV1dLTZ , 29 May 2023) Direct Preference Optimization (DPO) is a new alternative to reinforcement learning with human feedback (RLHF) with Proximal Policy Optimization (PPO), which is used for instruction-finetuning models like ChatGPT. Here, the researchers show that the cross-entropy loss for fitting the reward model in RLHF can be used directly to finetune the LLM. According to their benchmarks, it’s more efficient to use DPO and often also preferred over RLHF/PPO in terms of response quality. LIMA: Less Is More for Alignme...
Enregistrer un commentaire
Lire la suite

MicroStrategy Spends Another $600M to Purchase Over 16,000 BTC

MicroStrategy, the NASDAQ-listed business intelligence software giant that made waves over three years ago with its pro-Bitcoin strategy, has gone on another buying spree. The firm’s former CEO and founder – Michael Saylor – outlined the latest BTC purchase, which was worth nearly $600 million. Saylor asserted that the company he founded over three decades ago had spent $593.3 million to buy 16,130 BTC more for an average price of $36,785 per Bitcoin. This has become MicroStrategy’s second BTC purchase for November. As reported before, the firm bought 155 BTC for $5.3 million at the start of the month. The latest acquisition puts the company’s total stash at 174,530 BTC. It spent just under $5.3 billion to purchase the amount. This means that MicroStrategy sits on a massive unrealized profit of over $1.2 billion, given BTC’s current price of $37,750. MicroStrategy has acquired an additional 16,130 BTC for ~$593.3 million at an average price of $36,785 per #bitcoin . As of 11...
Enregistrer un commentaire
Lire la suite