{"id":173587,"date":"2023-10-13T16:57:31","date_gmt":"2023-10-13T11:27:31","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=173587"},"modified":"2023-10-13T16:57:31","modified_gmt":"2023-10-13T11:27:31","slug":"binance-bitcoin-reserves-double-while-proprietary-stablecoin-busd-plummets-in-2023-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/binance-bitcoin-reserves-double-while-proprietary-stablecoin-busd-plummets-in-2023-crypto-news\/","title":{"rendered":"Binance Bitcoin reserves double, while proprietary stablecoin BUSD plummets in 2023 – Crypto News"},"content":{"rendered":"

<\/p>\n

Quick Take<\/h2>\n

Year-to-date data for 2023 reflects significant shifts in Binance\u2019s proof of reserves, an official disclosure of the exchange\u2019s on-chain assets.<\/p>\n

Bitcoin, buoyed by a 60% appreciation, has seen Binance reserves double from $9.4 billion in January to $17.5 billion in October. This surge has boosted Bitcoin\u2019s share in Binance\u2019s reserves from 27% at the start of the year to approximately 50% by October.<\/p>\n

However, there has been a steep decline in BUSD<\/a>, Binance\u2019s proprietary stablecoin, whose reserves have plummeted from $13 billion to $2 billion. Ethereum reserve figures remained relatively stable, increasing slightly from $5.4 billion to $5.9 billion, despite the cryptocurrency appreciating 30% year-to-date. The Tether (USDT) reserves have grown from $3.8 billion to $5 billion, contrasting sharply with USD Coin (USDC), which tumbled from $2.6 billion to a mere $720,000.<\/p>\n

Proof of reserves assets for Binance: (Source: Glassnode)<\/figcaption><\/figure>\n

This observation is backed up by Andre Dragosch<\/a>, the Head of Research at Deutsche Digital Assets, who noted a paradoxical trend: While Bitcoin rallied by 80% since November 2022, there has been a noticeable decline in overall crypto reserve assets during the same period.<\/p>\n

These shifts underline a clear trend: Bitcoin is becoming an increasingly dominant reserve for Binance amidst varied market dynamics.<\/p>\n

\"Proof
Proof of reserves \u2013 Binance: (Source: Glassnode)<\/figcaption><\/figure>\n

The post Binance Bitcoin reserves double, while proprietary stablecoin BUSD plummets in 2023<\/a> appeared first on CryptoSlate<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Quick Take Year-to-date data for 2023 reflects significant shifts in Binance\u2019s proof of reserves, an official disclosure of the exchange\u2019s on-chain assets. Bitcoin, buoyed by a 60% appreciation, has seen Binance reserves double from $9.4 billion in January to $17.5 billion in October. This surge has boosted Bitcoin\u2019s share in Binance\u2019s reserves from 27% at […]<\/p>\n","protected":false},"author":2,"featured_media":173588,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-173587","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/173587","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=173587"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/173587\/revisions"}],"predecessor-version":[{"id":173589,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/173587\/revisions\/173589"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/173588"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=173587"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=173587"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=173587"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}