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Peter Davis

An writer at FOMOdrive

  • Jun 19, 2023
  • 2 min read

Investors massively withdraw assets from Binance and Coinbase

Binance's portion of the crypto market has dropped to 43%.

The amount of Bitcoin held in reserve by crypto exchanges in the United States has dropped to the same level it was at in 2017.

The amount of investments in crypto funds dropped to an all-time low over the past three months.

The SEC's classification of tokens was criticized by Solana and Polygon.

The Sturdy Finance protocol was the victim of a hacking incident, resulting in the loss of $800,000.

CoinShares reported that investments in crypto funds dropped last week by a record $88 million, making it the eighth consecutive week of outflows. Bitcoin investments decreased by $52 million, while Ethereum investments decreased by $36 million. Additionally, investments in funds that allow for shorting of bitcoin decreased by $1 million.

CoinShares has observed that investors are being cautious due to the lack of a definitive conclusion to the interest rate hikes, which are linked to monetary policy.

Glassnode reported that in the past week, $4 billion was withdrawn from Binance and Coinbase exchanges due to fear of SEC lawsuits among crypto traders.

CryptoQuant has reported that the amount of bitcoin held in reserves on US crypto exchanges has dropped to levels not seen since 2017. This decrease is likely due to the regulatory uncertainty and the SEC's recent lawsuits against Binance and Coinbase.

According to CCData, the share of Binance in the cryptocurrency market has dropped to 43%. Additionally, the trading volume on the crypto market decreased by 15.7% month-over-month in May.

Mark Cuban, a billionaire, declared that it is not feasible to decide from the present SEC documents whether a digital asset is a security or not. On the other hand, regulation is much more clear in other fields.

The developers of Polygon expressed their disagreement with the SEC's labeling of MATIC as an unregistered security. The Solana Foundation also criticized the SEC's decision. Robinhood had previously declared its intention to delist MATIC, along with ADA and SOL.

PeckShield reported that $800,000 worth of Ethereum was taken from the DeFi protocol Sturdy Finance by hackers. This follows the theft of $16 million in cryptocurrency in May, and the misappropriation of at least $55 million by unscrupulous developers from their users.

According to The Wall Street Journal, North Korean hackers have pilfered approximately $3 billion in cryptocurrency over the past five years to finance the nation's nuclear program.

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