Now has the most Bitcoin in the world
Binance confirms its superiority over Coinbase and other exchanges. In addition to the continued growth, the stock exchange now has the most Bitcoins in the world.
The fortunes of Binance and Coinbase stood in stark contrast to each other when the bear market struck. Binance and its CEO Changpeng Zhao made headlines in the crypto press through a demonstration of power and continued employment. Coinbase and its CEO Brian Armstrong, on the other hand, raised a number of concerns. These included waves of layoffs, breaks in recruitment and even rumors of possible bankruptcy.
Binance: unchallenged supremacy?
Binance continues to chart the course and further establish itself as the main player in the crypto industry, with infinite influence. The BNB token is 5th in terms of market value and stablecoin is in 6th place.
While most companies impose suspension and payment limits on users, Binance continues to take measures that show more cost savings than fee payments.
In fact, Binance announced several weeks ago that more than 2,000 jobs were available in the company, with a desire for growth and expansion reinforced by the current bear market. At the same time, while many companies or stock exchange platforms suspended certain commercial agreements, Binance’s partnerships multiplied. This was through a collaboration with the Portuguese star Cristiano Ronaldo. Ronaldo has the most followed Instagram account in the world with more than 400 million followers.
Finally, as a first step to celebrate its 5-year anniversary, Oslo Børs has decided to make transaction fees free on Bitcoin and maintain this change afterwards.
Coinbase – still struggling
Meanwhile, the North American stock market continues to receive negative pressure. Even recently, rumors have resurfaced after Coinbase decided to suspend affiliate programs. Thereafter, the errors continued with the collapse of the NFT marketplace and the fall of the Coinbase share on the stock market.
While the Coinbase exchange was the platform that held the most BTC since 2014, the dynamics have been completely reversed since 2021. Previously, both Coinbase and Binance (younger by 5 years) have raked in BTC. Since 2021, however, Binance has seen its bitcoin holdings increase sharply while Coinbase has done the opposite. The crossover finally took place on Monday 18 July.
The graph below, from Glassnode’s analysis, shows a tradition that began in 2021, when the supplies to Binance were very high.
It now appears that the transfer of power has materialized, and it is difficult to see how Coinbase could restore “its throne” while Binance continues to grow. In the future, Coinbase may even be overtaken by other exchanges such as FTX, which is also growing in the current bear market.
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