Connect with us

Tech

Since the Black Thursday in March, Bitcoin Reserves have dropped

mm

Published

on

With the pandemic of coronavirus threatening the strongest of economies, the Bitcoin is also taking a massive hit. It is more about the uncertainty of the market that’s toppling everyone.

There are many withdrawals in the market. And since March 12, which is known as the black Thursday, Bitmex has seen a 36% withdrawal from its reserves.

Bitmex is not alone; Bitstamp customers have also withdrawn. The questionable state of the market is also not helping with the situation.

Before the Black Thursday, Bitmex was flourishing. However, its reserves had started dwindling since January. And according to itscryptonews.com, Bitmex had more than 306,000 bitcoin held in reserves, but now, after the exchange, it has only 228,000.

It shows that the Bitmex customers removed 36% of the BTC. Also, it means that the firm withdrew the Bitcoin it had in its possession and transferred the funds elsewhere.

Coinbase also has the same story. It had 1 billion BTC in reserves as of January 25. It had a stash of $8.57 billion, but now it has a reserve of $6.92 billion. Along with Coinbase, Huobi is also suffering. It has 9.38% of its BTC reserves removed from the exchange.

Bitfinex also lost its reserve in the last three months of this year. It has lost 29% of its reserve. Along with Bitfinex, Bitstamp Clients also withdrew 72%.

Earlier it held the sixth position, but now it holds the 11th place. Kraken’s Customers also withdrew its reserves. And its reserves have dropped 24% since January 25.

The current situation does not guarantee any improvement. It all depends on when the effects of the virus will wane. And then the market can start growing again.

From television to the internet platform, Jonathan switched his journey in digital media with Bigtime Daily. He served as a journalist for popular news channels and currently contributes his experience for Bigtime Daily by writing about the tech domain.

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Tech

Crypto Face Explains “shitcoin”

mm

Published

on

Today, progressively more people invest their money into digital assets called shitcoins. The term ‘Shitcoin’ is popularly used to describe crypto tokens that lack value or real world application yet still offer huge growth potential. Shitcoins could be from any sector of crypto from AI projects to meme tokens. 

“Shitcoins” might not be the most enticing term, but within the realm of digital currencies, it denotes lesser-known, frequently overlooked cryptos that could present unexpected investing opportunities.

With meme coins like DOGE, PEPE, and BONK now taking up 10% of the total altcoin marketcap, it’s clear that the rise of the shitcoin is upon us in 2024. As the average person struggles more and more financially, their attitude towards gambling and risk-on investing increases. It’s yet to be seen whether this phenomenon is a byproduct of the world economy reaching its final stages of the “everything bubble” or if it is here to stay. 

The rise of shitcoin investing is not only proof of trying economic times but the start of a new conversation about “what is money?”. The world of finance was traditionally a white collar industry for seasoned market professionals, but if our leaders continue to treat the financial system as one big joke, it is no surprise that market participants respond in kind. 

Continue Reading

Trending