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Breaking Crypto News Flash: Binance's reserves have recovered to $120 billion after the October crash
The largest crypto exchange, Binance, has total reserves of approximately $120 billion, down 17% from its all-time high of $144 billion on October 6. This data was provided by the analytics platform CryptoQuant.
Binance Reserves Recovering
After a sharp decline in October, Binance's reserves have begun to recover, increasing by $4 billion since the beginning of November. This indicates that users continue to trust the platform and deposit their funds despite market volatility.
Stablecoin Reserves
In October, Binance's USDT stablecoin reserves on the Ethereum blockchain reached a new all-time high of $42.8 billion. This increase in stablecoin reserves indicates that users continue to actively use the exchange even amid market volatility.
Bitcoin Reserves
Binance currently holds approximately 548,000 BTC, making it the second-largest exchange by Bitcoin reserves, behind only Coinbase. This confirms Binance's status as a leading player in the cryptocurrency market.
New Features for Users
As a reminder, in October, Binance also opened direct deposits and withdrawals in US dollars through the BPay payment provider for users in over 70 countries. This innovation is aimed at improving the user experience and expanding access to the exchange's services.
