Connect with us
Active Currencies 14915
Market Cap $2,538,144,411,850.30
Bitcoin Share 51.64%
24h Market Cap Change $-0.64

Binance flips Coinbase to hold more Bitcoin [BTC] globally

2min Read

Share this article

Binance has now firmly established itself over Coinbase and other crypto-exchanges. Binance now holds more Bitcoins than any other crypto-exchange in the world, with the figures for the same expected to only rise. 

Binance and Coinbase’s fortunes were in stark contrast to one another as the bear market got underway. Binance and its CEO Changpeng Zhao made waves in the cryptocurrency press through a show of force and constant hiring. The CEO of Coinbase, Brian Armstrong, however, raised several concerns. There were rounds of layoffs, recruiting hold-ups, and even insolvency rumours among them.

Coinbase facing tough times

The balance of Coinbase Global Inc. dropped from more than 1 million Bitcoins in 2020 to fewer than 600,000, at the time of writing. This, according to data analytics platform Glassnode.

Due to the aforementioned drop, Binance was able to overtake Coinbase with its higher BTC holdings.

Source: Glassnode

Online rumours about Coinbase going bankrupt began to circulate after the cryptocurrency exchange alerted marketers through email that its affiliate program would be cancelled. Many, in fact, had started speculating that Coinbase would go the way of Celsius and 3AC. 

The primary distinction between Coinbase and most insolvent exchanges is how they manage consumer funds. According to Coinbase, 98% of consumers’ digital assets are maintained in cold storage.

Many, however, believe Binance to be a superior alternative for purchasing, trading, and exchanging cryptocurrencies for fiat money or other assets. This may explain why it has increased its Bitcoin holdings.

The increase in public confidence brought on by Binance’s PR initiatives and high-profile partnerships might have contributed to the same. This includes the multi-year NFT agreement with footballer Cristiano Ronaldo and the awareness-raising collaboration with TikTok founder Khaby Lame.

Binance leading the charts for now

Binance is still plotting its future and solidifying its position as a dominant force in the cryptocurrency market. In terms of market capitalization, its native crypto BNB is ranked fifth, while its stablecoin is ranked sixth.

Binance continues to take actions that demonstrate greater cost reductions than fee payments, whereas a majority of businesses are suspending and capping user payments.

In fact, contrary to the downsizing drive elsewhere, Binance recently disclosed that it had over 2,000 open positions.

The fall in the Coinbase stocks

In the meantime, the North American exchange is still at the end of unfavourable headlines. On the back of its layoffs, the value of COIN’s stock has fallen significantly on the charts too.

Since 2014, Coinbase has held the most Bitcoins. However, post 2021, the situation has changed entirely, with Binance seeing a dramatic spike in its Bitcoin holdings. 

Share

Jibin Mathew George is Editor-in-Chief at AMBCrypto. A domain expert in International Relations (European Politics), he has always been a believer in the unlimited possibilities afforded by blockchain and by extension, cryptocurrencies. As someone who has been watching and writing about this space for over 5 years now, Jibin has closely tracked the emergence of cryptos and digital assets as a separate asset class in portfolios world over. A lawyer by training, he previously contributed to the News and Research desk of Diplomacy & Beyond Plus. Before his stint at D&B, he was Editor at ED Times. Jibin also takes a great interest in politics, especially the corresponding effect political decisions and fiscal policy have on the world of finance, with a special focus on cryptocurrencies.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.