Share:
  • Binance unveils Bitcoin reserves worth $9.59 billion in BTC against $9.48 billion of customer balance.
  • The exchange also announced the delisting of Serum's pairs with Bitcoin, USD and Tether, along with 16 other pairs.
  • Serum price registered an almost 10% decline in the hours following the delisting, trading at $0.265.

Binance has been pushing the envelope of transparency and support towards the crypto space and developers, respectively. In line with the same, the cryptocurrency exchange came forward with its Proof of Reserves (PoR) System. However, in the interest of protecting its investors, it also took a step in a lesser favorable direction.

Binance and its Bitcoin Proof of Reserves

Binance and its CEO Chengpang Zhao (CZ) announced the release of its Proof of Reserves System (PoR) on Friday. The PoR is Binance's way of providing evidence for the fact that the exchange covers all of its users' assets 1:1. 

Initially, the PoR has only been released for Bitcoin, but the exchange stated that updates about Ethereum (ETH), Tether (USDT), USD Coin (USDC), Binance USD (BUSD) and Binance Coin (BNB) would also be provided.

Binance’s Bitcoin Proof of Reserves

Binance’s Bitcoin Proof of Reserves

As per the data released by the exchange, Binance currently holds about $9.48 billion worth of BTC in the form of customer net balance. On the other hand, its on-chain reserves exceed $9.59 billion in value. This creates a 101% Reserve Ratio for the king coin, ensuring backup in case of a liquidity crisis that FTX faced, resulting in its eventual collapse.

Binance delists Serum

The downfall of FTX not only decimated the value of its native token FTT but also of Solana (SOL). A venture of its sister company Alameda Research, Solana hosts a ton of Decentralized Finance applications, one of which is Serum (SRM).

Earlier last week, the Solana Foundation announced that it held about 134.54 million SRM tokens, which are currently worth about $35.65 million. Soon after, the community decided to fork the project resulting in a 147% increase in price. 

However, on Friday, Binance also announced the delisting of SRM pairs with BTC, USD and USDT, as well as 16 other token pairs. This led to a sudden decline in Serum price, bringing SRM's value down by almost 10% in 24 hours.

Trading at $0.265, SRM is nearing its immediate support at $0.261. A bounce off of this level would provide it with the bullishness SRM needs to flip $0.307 resistance into support and rally toward $0.34.

SRM/USDT 4-hour chart

SRM/USDT 4-hour chart

Although, Serum price is still vulnerable to a fall due to recent developments. If SRM loses the support of $0.261, it could extend the decline to $0.193. Closing below this level would invalidate the bullish thesis, pushing the altcoin down to $0.133, resulting in an almost 50% crash. 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content


Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended Content

Editors’ Picks

Ethereum whales turn bullish with Shanghai upgrade less than a month away

Ethereum whales turn bullish with Shanghai upgrade less than a month away

Ethereum (ETH) whales holding between 1,000 and 10,000 ETH have been scooping up the altcoin consistently for a week. With the countdown to the Shanghai upgrade and the ETH token unlock event, there is a spike in Ethereum demand among retail investors. 

More Ethereum news

Ripple price to close the week with a bang as next week will be crucial for another 20% profit

Ripple price to close the week with a bang as next week will be crucial for another 20% profit

Ripple price is closing this week with very profitable numbers, even if a fade is ongoing. The fade occurred after bulls received a firm rejection at $0.50 and have been trading lower from that level since. If bulls can keep their hands on this momentum and the Relative Strength Index (RSI) is not overbought, at least some 20% profit is being prepared for next week.

More Ripple News

Will Cardano price advance as analysts call it one of the favorite altcoins next to EOS and COLT to pop?

Will Cardano price advance as analysts call it one of the favorite altcoins next to EOS and COLT to pop?

Cardano (ADA) price is making the cut and has been shortlisted by several analysts that have put ADA in their top altcoin, primed to explode to the upside soon. ADA is flirting with a second week of gains and could recover its attempt to hit $0.415 as a crucial level for any further uptrend or downtrend.

More Cardano News

Is the new partnering-up strategy the right way for Vechain price to avoid a 30% correction?

Is the new partnering-up strategy the right way for Vechain price to avoid a 30% correction?

Vechain (VET) price had a busy week as several new partnerships were announced. Next to integrating with Dappradar to promote cross-chain visibility, the partnership with Boston Consulting Group might be the one that draws the most attention. Vechain price though is not taking this news in a good way and rather is at risk of tanking further.

More Cryptocurrencies News

Bitcoin: Should you trust this BTC sell signal or wait for $34,000?

Bitcoin: Should you trust this BTC sell signal or wait for $34,000?

Bitcoin price shows a clear picture of its rally after it breached a long-term bullish pattern in mid-January. As the rally takes a breather, sell signs have started to emerge, which is putting investors in a confused state. 

Read full analysis

BTC

ETH

XRP