2023-11-23 17:02:55
The crypto market is showing a steady recovery just a day following news of the resignation of one of the industry’s most mysterious and influential players. In addition, there was no panic or mass exodus from Binance, so the crypto exchange continues to operate as usual. No Binance Exodus Binance is the world’s largest crypto exchange by volume. The impeachment and resignation of its CEO, CZ, as one of the most influential players in the crypto sector, should have brought the Binance platform down. But it didn’t happen that way. According to on-chain analytics provider Nansen, there were no mass asset withdrawals from the crypto exchange in the 24 hours following the news. On November 22, Nansen reported that “disbursements continue as normal and we do not see a mass exodus of funds.” The day following the news, the outflow increased slightly, a negative net balance of $956 million was added, but it was not alarming. In fact, Binance’s total asset value has increased to $65.2 billion in the meantime, as crypto asset prices have risen. The Nansen report noted that there have already been two much larger outflows on the Binance platform in the past year. One happened in December 2022 following the collapse of FTX and rumors of insolvency. The second was in June of this year, following the SEC sued the company. Then on November 22, market news also confirmed that Binance would likely be able to pay the full $4.3 billion fine without having to sell cryptocurrency from its reserves. That’s because it has more than $6 billion in assets. In response to this revelation, new CEO Richard Teng said: “The fundamentals of our business are VERY strong.”, and added: “Binance continues to operate the largest volume crypto exchange in the world, and our capital structure is debt-free. Our expenses are modest and despite the low fees charged to our users, we have robust revenues and profits”. The crypto market bounced back immediately It seems that the crypto market has fully recovered from the minor volatility caused by the Binance news. As a result, total capitalization rose 4.8% on the day to $1.48 trillion, up $70 billion in the last 24 hours. Bitcoin is at $37,330 following a 3.8% daily gain in Asian trading on Thursday morning. Meanwhile, Ethereum is up 5.4% to $2,062 at the time of writing. Other altcoins are also posting stable gains at the moment, such as Solana (SOL), Avalanche (AVAX) and Uniswap (UNI).
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