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Binance, one of the world’s largest cryptocurrency exchanges, holds over 584,083 Bitcoin BTC/USD worth 9.34 billion in its reserve, data from CryptoQuant showed.
What Happened: According to CryptoQuant, Binance has surpassed Coinbase Global COIN to take the top spot in terms of Bitcoin reserves on an exchange, marking absolute strength during the overall crypto bear market.
Coinbase holds 533,048 BTC, while Bitfinex is the third-largest BTC holder with 345,534 BTC, followed by Gemini with 158,918 BTC and Kraken with 71,426 BTC.
See More: Best Crypto Apps
“Every move of CZ will play the most crucial role in regaining confidence in this market, and vice versa; if he makes any mistake, it will be a colossal Red cataclysm for this entire market,” CryptoQuant said in its post, referring to Binance CEO Changpeng “CZ” Zhao.
Last week, Binance moved 127,351 Bitcoins from its Proof of Reserve wallet to cold storage, on-chain data revealed.
Read Next: Bitcoin, Ethereum, Dogecoin Tumble: Analyst Sees Another Bear Rally As FTX Fallout Continues To Roil Crypto Market
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Image and article originally from www.benzinga.com. Read the original article here.