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Binance Sees Modest Inflows as Exchange Red Flags Rise
Cryptocurrency investors are staying in the sidelines as risks in the industry continue. In the past few weeks, the number of crypto holders selling their coins or moving them to self-custody has jumped to a record high. Binance, being the biggest player in the industry, has seen the most outflows.
Binance sees modest inflows
Binance has come under intense pressure in the past few months. On Tuesday, as Binance FUD trended on Twitter, the company saw outflows worth over $3 billion. Data compiled by DeFi Llama shows that Binance has lost over $7 billion worth of assets in the past 7 days. Other exchanges like Bitfinex, Huobi, Crypto.com, and Kucoin have seen slight outflows.
However, as confirmed by Changpeng Zhao, the company has started seeing some inflows after Tuesday’s inflation data. According to DeFi Llama, Binace has had inflow worth over $467 million in the past 24 hours.
As a result, the total amount of assets in Binance has risen to $59.81 billion. Clean assets, which excludes those issued by Binance, are over $48 billion.
Binance red flags
Binance has come under pressure for numerous reasons. First, there are rumours that Changpeng Zhao could come under arrest by American authorities. According to the Wall Street Journal, authorities are investigating the company because of money laundering and other crimes.
At the same time, there are concerns about the company’s finances. Analysts poked holes into the firm’s statement of reserves that it published last month. A key concern is that the finances were not conclusive enough since they did not show liabilities. Also, they did not show other assets held by the company.
Most importantly, Binance’s five-page document was made by the South African branch of Mazars. While Mazars is a big company, investors would have gained more confidence if the statement was made by one of the big four firms like KPMG, PWC, Deloitte, or EY.
Further, the inner workings of the company. For one, unlike other companies, it does not have a headquarter.
BNB price has noted significant gains over the past few days, surging past the psychological resistance of $300. The native cryptocurrency of the Binance Exchange has surpassed Solana to regain its position as the fourth-largest cryptocurrency by market cap. The digital currency has been rallying lately with a 7-day profit of more than 15%. Additionally, BNB has clocked a phenomenal gain of 38% in the month to date.
Binance Coin Outlook
BNB price has been on a strong bull run for the past week, breaking out of its consolidation. Even so, the asset has experienced a correction in its uptrend over the past 24 hours but remains above the crucial level of $300. BNB’s total market cap has decreased by 4% over the past day to $48 billion, while the total volume of the asset traded over the same period dipped by about 15%.
Over the past year, Binance Coin has had to cope with Fear, Uncertainty, and Doubt (FUD) on the back of the regulatory troubles of its underlying exchange. Earlier, the BNB price touched a low of $223.50, a few days after its former CEO, Changpeng Zhao, pleaded guilty to money laundering charges. However, the cryptocurrency has managed to rebound 46% in value since then.
The recent price rally has been associated with various positive developments in the Binance ecosystem, including the Introduction of the Isolated Margin Auto-Transfer Mode. This feature enables…
Solana price performance in recent times has been remarkable, surpassing Ripple and Binance Coin to become the fourth-largest cryptocurrency by market cap. The SOL price breached the critical level of $100 for the first time since April 2022 over the weekend to imbue optimism among investors. However, the altcoin has corrected by 7%, suggesting that the market is overheated. At the time of writing, the ‘Ethereum killer’ was trading slightly lower at $111.60.
SOL Outlook
Solana price has made a significant recovery over the past few weeks, climbing above the psychological level of $100. The altcoin has been one of the best-performing assets this year, extending its year-to-date gains to more than 1,025%, with more gains recorded in the past month alone. However, even with such growth, analysts have noted that Solana has a bleak chance of topping its ATH of $260.
The reason behind this is the increase in supply relative to its value. In November 2021, when the Solana price hit its all-time high of $260, its total market capitalization was around $78 billion. Despite the value of the crypto asset being less than half of what it was at the top, its market cap is currently hovering near $50 billion.
This has been brought about by the increase in the Solana supply by more than 100 million SOL over the past two years. According to some analysts, for the altcoin to retest $260, its…
Solana price has noted significant gains over the past few weeks, climbing to its highest level since April 2022. The ‘Ethereum Killer’ almost topped the crucial level of $100 on Friday, before pulling back slightly. The asset’s recent surge has catapulted Solana’s total market cap to $39.6 billion, ranking 5th after and above BNB and XRP, respectively. Solana has jumped by more than 22% in the past week and more than 80% in the month to date. At the time of writing, SOL price was trading 0.90% lower at $93.10.
Catalysts Behind SOL’s Rally
Solana price has been on a strong bull run over the past few days, rocketing to its highest level in 20 months as the network benefits from the substantial activity and strong interest in memecoins. The SOL token, the native digital asset of the high-performance blockchain platform Solana, has shown some serious strength over the past few weeks, outperforming all the altcoins in the market.
The recent surge in the Solana price has been linked to heightened on-chain activities on the Solana blockchain. Notably, the ongoing hype for the blockchain’s speedy transactions, cheap fees, and a lottery of meme coin issuances has buoyed SOL’s on-chain activity. Metrics have revealed that Solana has been the strongest draw among on-chain traders, with trading volumes and network fees outperforming Ethereum- the largest altcoin by market cap.
Cited figures provided by DeFi aggregator DeFiLlama…
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