Binance Loses Top Spot as Bitcoin Balance Falls to 563,937 BTC
2024-08-29

Market watchers have several reasons for the sudden decline in Bitcoin prices. However, the decrease in Binance’s Bitcoin balance is also termed as a primary reason behind the fall. 
According to data from CoinGlass, Binance, a leading centralized exchange, has 563,937.88 Bitcoin in the balance after an outflow of 2,182.63 BTC in the past 24 hours. 
The recent outflow from Binance has suppressed it and has pushed it to the second position in terms of Bitcoin balance. Coinbase Pro has 824,902.44 Bitcoin as a balance, making it the exchange with the highest number of BTC. 
At a time, the intraday outflow on Binance reached $2 Billion in Bitcoin; as per claims, the exchange allegedly seized Palestinian assets on the platform on behalf of a request from Israeli terrorists.
CoinGlass data states that the trading volume on Binance of BTC/USDT fell over 27%, reaching $16.04 Billion, and ETH/USDT volume fell 35.12%. In the past 24 hours, the recorded trading volume of futures on Binance was $48.11 Billion. 
Bitcoin Price Overview 
When writing, Bitcoin was trading at $60,234, with a decline of 19.32% in the intraday trading volume. In the past 30 days, its lowest price traded at $49,121.24 and recorded its highest trading price of $66,810.21. 
From August 23 till August 26, BTC prices enjoyed an appreciation above the mark of $60k, but some unprecedented events dragged it below $60k. A sharp decline in its market capitalization was observed on August 28, 2024; the cap is $1.19 trillion as of writing. 
The nearest visible resistance of BTC price are $69,070 and $72,986; however, its supports are $56,392 and $52,476. The current trading price of BTC is above 200 days EMA and below 20, 50, and 100 days EMA. 