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Crypto Deposits On Binance Have Increased Over The Past Year: CZ

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Crypto Deposits On Binance Have Increased Over The Past Year: CZ
  • According to Binance CEO CZ, crypto deposits on Binance have steadily increased over the past year. 
  • CZ further added how BTC balance on exchange is highest as compared to other cryptocurrency exchanges 

Binance’s CEO Changpeng Zhao is in the news again, this time for tweeting key metrics concerning crypto deposits on the Binance exchange. According to CZ, Binance crypto deposits have increased steadily over the past year and are number 1 in size. 

Crypto Deposits Have Notably Risen Over The Past Year, CZ Claims

Citing data from crypto analytics platform Glassnode, Binance’s CEO Changpeng Zhao claims that the exchange’s crypto deposits have increased steadily over the past year. The consistent rise in crypto deposits during the ongoing bearish market portrays a positive outlook of users towards the exchange. 

Referring to data acquired from Glassnode, Zhao added that the Bitcoin balance on Binance is the highest compared to other leading exchanges including Coinbase, Bitfinex, Bitstamp, and Kucoin. 

The Glassnode data tweeted by Zhao notes the overall BTC exchange held with Binance which is sitting at 627,970.54693811, while the rival Coinbase’s balance on exchange sits at 563,719.40817238. Per the latest Glassnode data, the Binance 24-hour BTC balance on exchange is currently at $261,331.12916146.

Bitcoin balance on exchanges is considered an important metric to decipher the overall strength and durability of an exchange. While analyzing exchanges at large, these comparative metrics provide minute analytics and insights on the broad trading volume and activity of a particular exchange. 

Alongside, the outflow of crypto from an exchange also permits traders to analyze the current market momentum, and decide whether it’s the right time for them to invest or not. 

Several users have also reacted to CZ’s claims of Binance holds the most BTC balance on the exchange. Many have remarked how Binance was successful in its endeavor to protect its users and establish itself as a steady crypto exchange. 

Despite the bear market, binance keep protecting users, building and building to reach mass adoption of crpyto. Bear market is a good way for binance to separate itself from ‘trash’ exchanges and competitors. Keep building as usual, CZ. Crypto needs binance.

— FirebenderGhi (@firebenderghi) August 1, 2022

However, the overall Bitcoin exchange balances are currently shrinking witnessing an increased outflow of funds. The Glassnode data depicts that more than 4.6% of the circulating supply has been offloaded recently citing the ongoing crypto winter situation.

Binance CEO Refutes Claims Of Losing Customers After Implementing KYC

Binance’s CEO has further refuted claims of losing 90% of its customers after introducing stricter KYC norms

Just checked. Binance spent more than $1 billion on Compliance efforts, with a high % pass rate. It’s fine. Binance’s market share increased, not decreased. The blockchain & 3rd party data shows it. https://t.co/Zuega2hMjU

— CZ 🔶 Binance (@cz_binance) August 1, 2022

Binance had earlier made KYC mandatory for all its accounts and had lowered the BTC withdrawal limit to 0.06 BTC for unverified accounts. The decision was made to protect the exchange from becoming a nucleus of illicit activity. 

Calling out other media houses for publishing deceptive content, CZ tweeted:

‘It’s a complete misquote. Look at the numbers…But the fact is, this type of headline sells more clicks… Sad, but true.”

CZ tweeted how Binance has spent more than $1 billion on compliance efforts, adding that the market share of Binance has increased citing third-party data. 

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Ethereum

Michael Saylor “I’d Rather Win in Volatile Fashion Than Lose Slowly, Sell your Gold”

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Michael Saylor “I’d Rather Win in Volatile Fashion Than Lose Slowly, Sell your Gold”
  • Microstrategy’s Former CEO Michael Saylor pointed out in a recent interview for Stansberry Research that he would rather win in a volatile fashion than lose slowly. 
  • Saylor continues to say that the volatility will only impact short-term investors and public companies. Bitcoin has outperformed every single company on the stock market in a longer timeframe. 

MicroStrategy’s Former CEO and well-known Bitcoin advocate Michael Saylor addressed in a recent interview with Stansberry Research that he still believes in Bitcoin in the long term.

My discussion with @DanielaCambone on $MSTR volatility & performance, my role at @MicroStrategy, the future of #Bitcoin, Stablecoins, Altcoins, & Gold, as well as thoughts on regulation, macroeconomics, wealth preservation, and an engineer’s common sense definition of recession. https://t.co/hFCnR9eEd7

— Michael Saylor⚡️ (@saylor) August 13, 2022

According to Saylor, since MicroStrategy adopted the Bitcoin Strategy, Bitcoin has heavily outperformed the S&P 500, Nasdaq, Gold, Bond Index, and any Big Tech Stocks. He says that the only stock that has outperformed Bitcoin in this period is Microstrategy’s stock, MSTR.

Michael Saylor

When asked if he thinks Bitcoin’s volatility is for everyone and some market participants cannot handle the extreme volatility, Saylor provides the below response.

“The way to think about investing in Bitcoin is, you should only invest what you will hold for four years or longer; ideally, it’s generational wealth transfer. The metric you want to stare at is the simple four-year moving average.” If you have a short time frame, it is going to be much more stressful because it is a volatile asset. “

Saylor continues to highlight that Microstrategy has outperformed every asset, even the prominent big tech companies. He would rather win in a volatile fashion than lose in a non-volatile way.

Saylor’s Reasoning Behind Crypto’s Recent Downfall

Saylor firmly believes that the events that caused crypto’s recent downfall were triggered by the incoming interest rates and the tightening of the fed. The next catalyst was the big Terra Luna Meltdown, which affected a lot of cryptos. He believes that an algorithmic stablecoin was an accident waiting to happen.

Saylor’s opinion is that these events needed to happen to flush out the industry’s bad actors. Market participants are now more educated and cautious about banking applications that provide huge yields.

“If you believe in sound money, you should sell your gold and buy bitcoin.” says Saylor.

Saylor Recently Stepped Down as MicroStrategy CEO to Focus on Bitcoin

After 33 years of being CEO of MicroStrategy, Micheal Saylor stepped down recently instead of taking the role of executive chairman. Phong Le, MicroStrategy’s current president, will take his role as CEO. MicroStrategy’s message to investors was that Saylor is to continue to provide oversight of the company’s bitcoin acquisition strategy as head of the Board’s Investments Committee.

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Tron’s Justin Sun Blocked By Aave Due to Tornado Cash Transaction

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Tron’s Justin Sun Blocked By Aave Due to Tornado Cash Transaction
  • Tron’s co-founder Justin Sun’s account was blocked on Aave this Saturday. 
  • According to Sun, the account was blocked after he randomly received 0.1 ETH from Tornado Cash. 
  • De-fi Protocol Aave has not issued a statement as of yet. 

A lot has happened since the U.S Government sanctioned Tornado cash, the mixing token that makes Ethereum transactions untraceable, on August 8. Following the sanction, an arrest took place later on August 10 by Dutch Authorities in the Netherlands, where a suspected Tornado cash developer was reprimanded by the Dutch Fiscal Information and Investigation service. 

There have been several reports that a few Defi protocols are taking action to comply with the U.S sanction and prohibiting accounts that have interacted with Tornado cash. Most recently, Tron’s co-founder Justin Sun reported on Twitter that Aave blocked his account on Saturday. 

According to Justin Sun, the account block followed just after he was sent 0.1 Eth randomly by an unknown address. 

Jerry Brito, executive director of crypto non-profit Coin Center, already warned that this would happen. The Tornado Cash sanction denies Americans their “constitutional right ot anonymity”. 

“Presumably, it means that anybody who interacts with those addresses would be in a technical violation”, even if they received a few dollars from a Tornado Cash mixer without their consent, Brito tells Fortune

American Celebrities and Popular Accounts Have Received 0.1 ETH From Tornado Cash

Reports show that many well-known accounts and a handful of American celebrities like Jimmy Fallon, Logan Paul have also been gifted 0.1 ETH by this anonymous user. The act is potentially a revolt towards the sanction introduced by Tornado Cash, and it’s implications.

It is now illegal for any American citizen to interact with Tornado Cash, however, it is technically impossible to stop users from sending funds via Tornado Cash to random accounts. 

The U.S government has been pretty clear that they would continue monitoring mixers and take any action if required; however, there already appear to be gray areas that are yet to be explored. 

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Tornado Cash DAO Website Goes Offline After Developer Alex Pertsev’s Arrest

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Tornado Cash DAO Website Goes Offline After Developer Alex Pertsev’s Arrest

TL;DR

  • The software developer arrested by Dutch authorities earlier this week is Alex Pertsev, according to The Block.
  • Tornado Cash DAO’s website has gone offline since the arrest.

Dutch police arrested suspected Tornado Cash developer on Wednesday, 10 August. According to The Block, the software developer is Alex Pertsev, as confirmed by his wife, Ksenia Malik. She continued to say that her husband had not done anything illegal and was shocked by this arrest. 

Read More: Alleged 29-Year-Old Tornado Cash Developer Arrested By Dutch Investigators In Amsterdam

Tornado Cash DAO website has gone dark since the arrest, with many users reporting that they have not been able to access Tornado’s discord channel or website. 

Tornado Cash was only added to the Office of Foreign Assets Control’s list on Monday.

It appears that users have not been able to access the website potentially due to internet service providers complying with the U.S Government sanctions.

However, alternative methods have been introduced on how to use TornadoCash since the ban. 

According to the U.S Department Of The Treasury, Tornado Cash was used to launder more than $7 billion worth of virtual currency since its creation in 2019. They have been linked to Lazarus Group, a Democratic People’s Republic of Korea state-sponsored hacking group involved in the largest known virtual currency heist to date. 

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