The Binance Exchange Accumulates Bitcoin as Prices Drop Below $20,000

WikiBit 2022-06-20 15:47

Binance, unlike any other cryptocurrency exchange, may be taking advantage of the recent market fall to increase its Bitcoin (BTC) holdings.

　　According to BitInfoCharts statistics, the trading platform may have bought up to 101,266 BTC. The credit update occurred at block 741287, with the total accumulation valued at $1.94 billion.

　　Should this weekend's transaction be a 'Buying the Dip' strategy, it will further align the exchange with the position of its Chief Executive Officer, Changpeng Zhao, who stated that the firm is poised to utilize the chances in this market during these difficult times. With the newest Bitcoin addition, the Binance exchange currently owns 353,863.26595022 BTC, which is worth more than $6.78 billion.

　　Several trading platforms are responding to the latest drop in various ways. While attempting to maintain its position as the industry's largest in terms of trading volume, others are not concerned with their public image in order to reduce operational expenses at this time.

　　For example, Coinbase Global Inc, the Nasdaq-listed American trading platform, recently reduced its workforce by 18 percent, citing the negative impact of the present economic environment. The Gemini exchange followed suit, laying off 10% of its employees. Unlike these two rival behemoths, Binance has stated that it will not lay off any employees this year, but will instead hire up to 2000 new people.

　　Experts in the crypto sector have always recommended purchasing cryptocurrencies when their prices have been suitably reduced. With data indicating Binance's most recent stack up, it is clear that the trading platform is putting its money where its mouth is. It is worth noting that transactions like this can aid in the general recovery of the digital currency ecosystem.

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