A lot has happened in the cryptoverse. From the demise of the FTX empire until the market crash, cryptocurrencies have been the subject of discussion all over the world. While the community was hit with an array of information, it was revealed that 53,000 Bitcoin had been removed from Binance earlier in the day.
In addition to FTX, prominent crypto exchange Binance has been making headlines. The security offered by the platform has been praised by many in the ecosystem. The latest money movement, however, caused fear in many. Further on-chain verification revealed that the transaction was primarily an internal wallet. In addition, it may have been a transfer from a cold wallet to a spare-proof wallet, Colin Wu confirmed.
Chinese journalist Colin Wu went on to share the details of the transactions.
A significant amount of Bitcoin has been withdrawn from exchanges in the past week. Triggered by the demise of FTX, a whopping 192,340 BTC worth $3.2 million was withdrawn from these platforms.
Currently, Binance ranks second in Bitcoin balances on the exchange list. As can be seen in the image below, the exchange held approximately 476,764.47 BTC.
Coinbase Pro topped the list with 529,345.95 in its Bitcoin reserve. After the demise, FTX had a graceful 6.71 BTC.
Will Bitcoin make its way back to $18K?
Immediately after Bitcoin plummeted to a low of $15,682.69, several began to suggest that crypto was a sinking ship. Without proper regulation, the industry would suffer more of such setbacks. In the midst of all this, BTC was trading at $16,527.28 with a daily drop of 1 percent, at the time of writing.
Bitcoin’s daily chart points to the asset’s volatility. In addition, it should be noted that BTC’s dominance was at a low of 38.16 percent.
Bitcoin’s journey back to $18,000 will likely take longer than expected as several platforms were seen stop their trading services.