Payouts are intensified with Crypto Winter

The cryptocurrency crash has many consequences. As the fall continues, only loyal traders are still holding on to their chips. Meanwhile, the cryptocurrency winter is pushing skeptical investors to withdraw their bitcoins from stock exchanges in droves.

Bitcoin investors go into hibernation

The decline in the crypto sector is hurting crypto investors. Following the setup of the crypto winter, more and more traders are looking for methods to recover from the dark period. Because of this, some of them go into hibernation mode. According to Glassnodeactivity in the chain has fallen by 13% in early July from its highs in November.

The current trend is particularly affecting cryptocurrency exchange platforms. According to a report from Glassnode, cryptocurrencies balances have fallen about 20% from the peak on January 20th. This is the direct result of massive bitcoin withdrawals. In fact, investors currently prefer wallets over stock exchanges to hold their tokens.

The crypto winter is tough and the crypto markets are paying the price. For the first time since 2020, bitcoin fell below $ 20,000 last month. Although activity levels have fallen in recent weeks, Glassnode says bitcoin consolidation is ready to continue. As the price of BTC hovers around $ 21,000, HODLers hold on to their weapons and believe the top crypto will rally again. According to Craig Johnson, a close above $ 26,000 or $ 28,000 could put an end to the downward trend.

Binance takes the lead on Coinbase and becomes the first exchange platform

The crypto winter is affecting many exchanges. Of these, Coinbase is certainly the most affected. In fact, over the last two years, the platform has seen a decline of 450,000 bitcoins. During the same period, Binance Exchange saw an increase of 300,000 bitcoins. At the beginning of the cryptocurrency crisis, Binance’s CEO announced that he was preparing for the fall. Because of this, he remains confident and continues to believe in the power of bitcoin.

But it was not his confidence that lifted Binance to the top. Changpeng Zhao had foreseen the fall. Therefore, he took steps to stay afloat in the dark times. Collaboration with celebrities like Khaby Lame, the TikTok star and Cristiano Ronaldo has made Binance the most popular stock exchange in the world.

Following the collapse of the crypto markets, many exchanges have decided to suspend operations. Thus, the reduction in CoinLoan withdrawal amounts and the pause in withdrawals from Vauld and Coinflex have reduced investor confidence in the stock exchanges. As a result, many of them now prefer to keep their bitcoins in cryptocurrencies rather than exchanges.

the crypto winter has spared no one. From investors to crypto exchanges, everyone is looking for solutions to survive the dark times. However, the stock markets are the most affected, as investors seem to have a preference for portfolios. However, Binance is a big winner as it is now the largest cryptocurrency exchange platform.

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Eddy Senga avatar

Eddy Senga

The world is changing and adaptation is the best weapon to survive in this undulating universe. As the crypto community manager at the base, I am interested in anything directly or indirectly related to blockchain and its derivatives. To share my experience and draw attention to a field that fascinates me, there is nothing better than writing informative and casual articles at the same time.

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