The giant crypto exchange company, Binance has reportedly succeeded in becoming the largest holder of the mother reserve of all cryptocurrency Bitcoin (BTC) through the amount stored in the centralized exchange wallet.
In context, investors are identified as depositing cryptocurrency to the exchanger if the metric value increases while a decrease means that they are withdrawing their respective digital assets from the exchanger.
It is explained that the continuous decrease in market prices is caused by the fall of FTX which also results in investors now feeling hesitant to make large amounts of investment in centralized exchangers.
That streak, most investors act to withdraw their digital assets and keep them in wallets that they can hold their own keys, but the opposite happened to Binance when its reserves soared during this period.
This follows because Binance's deposits and its company's BTC reserves saw a significant rise despite previously experiencing a drastic plunge due to the FTX crisis.
The company is also said to have achieved great success by surpassing Coinbase's position as the largest exchanger and reaching an all-time high.
As of this writing, the price of BTC is currently hovering in the $16,000 price zone with a slight decline compared to the previous week while its value has declined 16% in the past 30 days.
