The cryptocurrency market is making a solid recovery just one day after news broke about the resignation of one of the most mysterious and influential figures in the industry. Furthermore, there is no panic or mass exodus from Binance, and things are going smoothly as usual.
After the US settlement of charges against Binance and CEO Changpeng “CZ” Zhao, there was no surge in withdrawals from the Binance exchange.
No Binance Exodus
Binance is the world's largest cryptocurrency exchange by trading volume. The accusations and resignation of the CEO, a highly influential industry leader, should have caused the crypto market to collapse.
But that wasn't the case.
On-chain analytics provider Nansen said there were no large outflows of funds from exchanges within 24 hours of the breaking news.
November 22nd, Nansen report “Withdrawals continue and we do not see any major outflow of funds,” he said.
On the day of this news, outflows increased slightly, leaving net inflows at a negative $956 million, but not surprising.
In fact, with the rise in crypto asset prices, Binance's total holdings increased to $65.2 billion.
Nansen pointed out that there have been two larger outflows from Binance in the past year. One was just after the bankruptcy rumors and his FTX in December 2022. The second time was in June after the SEC filed charges against the company.
learn more: Binance Review 2023: Is it the best crypto exchange for you?
On November 22nd, BeInCrypto reported that Binance will likely be able to pay the entire $4.3 billion fine without selling any cryptocurrencies. This is because the company has more than $6 billion in corporate assets.
In response to this revelation, new CEO Richard Teng said: Said“The fundamentals of our business are very strong,” he added.
“Binance continues to operate the world's largest cryptocurrency exchange by trading volume, and our capital structure is debt-free, our expenses are modest, and we have strong revenue and revenue despite the low fees we charge our users. We’re making a profit.”
Cryptocurrency market recovers
The crypto market has fully recovered from the small crash caused by the Binance news.
As a result, the total capitalization on the day increased by 4.8% to reach $1.48 trillion, with $70 billion entering the market in the past 24 hours.
Bitcoin rose 3.8% on the day to $37,430 during Thursday morning Asian trading hours. Meanwhile, Ethereum rose 5.4% to $2,068 at the time of writing.
Other altcoins with solid gains at the moment include Solana (SOL), Avalanche (AVAX), and Uniswap (UNI).
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