Is the Contagion of Massive Crypto Withdrawals from U.S. Exchange Spreading?

Cryptocurrency news source Sam, back in the US after Thanksgiving, reports on good news, bad news, and bizarre news trends in the industry. Online shopping has reached a record high during Black Friday, with $9.12bn spent, up 2.3% YoY. In crypto, the number of wallets holding one Bitcoin has risen to over 950,000, and $1.5bn worth of Bitcoin was withdrawn from Coinbase in only 48 hours. Reports show the Bitcoin supply held on exchanges has dropped to historic lows not seen in four years. Binance has pledged $1bn to a recovery fund, and another $2bn if needed.

Good News in Crypto

Sam is back in the US after Thanksgiving with his family, and he has some news to share about the crypto market. He starts by announcing a video on the top cryptos to look for in the coming days for people who subscribe to his channel and turn on the bell notifications. Sam then discusses the record-breaking online sales on Black Friday, with the US seeing $9.12 billion in online shopping, up 2.3% YoY. According to Sam, this is a positive sign as consumers appear to be more comfortable shopping in-person in 2021.

The Rise of Bitcoin

In recent weeks, Bitcoin has become a popular commodity as the number of wallets holding at least one Bitcoin rose to over 950,000. This spike in Bitcoin ownership is likely due to people shifting their funds into cold storage to protect them from potential cyberattacks.

Cold Storage and Crypto Quant

To secure their Bitcoin, people are investing in cold storage wallets, with a lot of them withdrawing their coins from exchanges. Additionally, Crypto Quant is providing investors with insights into the safety of reserves through a clean reserve ratio. The clean reserve ratio helps investors identify the amount of non-native tokens held in reserve, making it easier to determine which exchanges are safer to use.

Companies Committing to the Recovery Fund

Binance is committing $1 billion to a recovery fund, while other companies are joining in with an aggregate commitment of $50 million. This commitment is a positive sign for the crypto market, but investors must be on guard against monopolies forming in the industry.

The Bizarre Side of Crypto News

Sam expresses concerns about some media outlets’ coverage of the FTX fallout and the way they praised same bankman freed, the founder of FTX. He also notes a recent news article that refers to a YouTuber as the “Crypto Ponzi Scheme Avenger” glorifying them instead of condemning their actions. This highlights the need to be cautious when reading news about cryptocurrency and to always scrutinize the source.

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