Bitcoin Balance on Binance Exchange is Dropping

Binance is the most reputed crypto exchange there is, and on a daily basis, millions of users perform active trading and various transactions using this exchange. As Bitcoin has leveled up its game by breaking its own all-time high and going through the resistance level like a stack of domino tiles, the trading volume at various exchanges has gone insane. Binance is seeing the aftermath of this situation as the Bitcoin balance is draining at a faster pace, and 40,000 bitcoins have already been moved away from the most tenacious crypto exchange there is.

These kinds of outflows are not normal or natural, for that matter, because definitely, people are trying their very best to get their hands on Bitcoin at this very delicate time; anyhow, the flagship cryptocurrency is showing promise for the future. This outflow of 40,000 Bitcoin tokens happened after a significant price drop occurred for Bitcoin. Recently Binance has encountered a very serious bug that ran traders into slippage. This is the difference between the expected price of a digital asset and the actual price at the time of executing the trade.

Binance to Face Trouble Amid Abnormal Outflow of Bitcoin

The volatility factor for a digital asset climbs high whenever the order transcript on the market goes thin, and a dedicated exchange just can’t provide the required liquidity. All this, in turn, leads to massive price drops and valued appreciation for their dedicated cryptocurrency. Because of that bug initially, the price of Bitcoin dropped all the way to $8000, where most of these buy orders are taking place on the way down. To neutralize the situation and provide more liquidity to the crypto market for Binance, the main platform has shifted many of its funds towards the targeted platform; this very thing is also being registered as an outflow, thus the whole confusion.

According to the on-chain data and value metrics, there is no selling pressure on these crypto exchanges, and there has been no abnormal trading activity detected at all. This is definitely a very concerning piece of news and should be dealt with right away by the Binance crypto exchange.

Leave a Reply

Your email address will not be published. Required fields are marked *

Related

Major Australian Baseball Club will Pay Players in Bitcoin

The Perth Heat Australian baseball club has finally made a transition of paying its athletes in Bitcoin. The club will be using the Bitcoin lightning network for the sake of making payments to these professional baseball players and staff members as well. Australia is seeing a very pleasant boom of decentralization and adopting cryptocurrencies as […]

Twitter Bitcoin Tips Gain Attention of Users

Jack Dorsey, CEO of Twitter, is always finding reasons to work with Bitcoin and the crypto market from time to time. Jack Dorsey is more than a fan, he’s a visionary who sees value in Bitcoin, and the significance of decentralization is not new to him. Recently Twitter has announced big plans regarding decentralization and […]

Bitcoin’s Taproot Upgrade Brings New Features to Network

It was hinted long ago that Bitcoin and its blockchain are going to get updated in the future, with the taproot update currently in development at that time. A specific block sequence was already put aside as a marker for when the update shall go live. Block 709632 was chosen for this task, and whenever […]

New Data Shows 72% of Shiba Inu Investors are in Profit

Shiba Inu token has been criticized for its lack of utility by the members of the crypto community. However, a new report published by a crypto analytics firm, called IntoTheBlock, has claimed that most of the investors who have decided to accumulate SHIB tokens are generating profits. The report was recently shared on the official […]

Inceptial Review – A Prominent Forex Company for all Traders

Inceptial Review If you are on the lookout for a decent online forex company, there is no denying that Inceptial is a leading online forex company right now and will most likely continue to grow in popularity in the online trading world. In this Inceptial review, I have outlined the leading trading features of this […]