Journalist
Posted:
- Binance saw USDT withdrawals worth 100 million.
- Regardless, the exchange’s daily trading volume exceeded $11 billion.
Binance [BNB] has been the subject of FUD (Fear, Uncertainty, and Doubt) lately due to reports of fines and Changpeng Zhao’s resignation. Moreover, rrecent data InHetBlok revealed significant outflows from the stablecoin Tether [USDT] from Binance.
These outflows exceeded $100 million and marked the highest withdrawal in more than three months. While previous cases have seen spikes in USDT leaving the exchange, these have not exceeded $50 million.
The current withdrawal volume could be routine market activity, but any increase raises suspicion given recent developments regarding the exchange.
BNB volume and price are recovering
BNB is understandably affected by the constant changes within the exchange. As it experienced a drop in value of more than 10%, it has struggled to regain the $250 price range.
At the time of this update, the stock was trading around $233, up slightly by less than 1%. The Relative Strength Index (RSI) confirmed a bear trend, with the RSI line below the neutral line.
Source: TradingView
However, the trend stabilized after a spike in BNB trading volume; it surpassed $2 billion, according to AMBCrypto’s analysis of Santiment’s chart.
At the time of writing, trading volume was approximately $644 million. This volume drop indicated a reduction in BNB’s trading activity.
Source: Santiment
Binance maintains dominance among the stock exchanges
Regardless, AMBCrypto’s examination of trading volume across all exchanges over the past 24 hours found that Binance still has more daily trades than other exchanges.
According to CoinMarketCapBinance recorded a trading volume of more than $11.7 billion within 24 hours. The exchange with the second highest volume was Coinbase, with more than $2 billion.
How many Worth 1,10,100 BNBs today?
TVL remains undisturbed
AMBCrypto’s investigation of the Binance Smart Chain (BSC) also found that there had been no significant change in the Total value locked (TVL) as of press time. Despite price and exchange rate fluctuations, BNB’s TVL has remained relatively unaffected.
At the time of writing, TVL was around $3 billion, with a slight upward trend.
