The cryptocurrency market experienced a relief over the past 24 hours after Bitcoin and other top digital assets invalidated a rising channel that existed YTD. According to the latest crypto market data, the total crypto market capitalization is up about 2 percent to about $1.1 trillion. Bitcoin and Ethereum prices are up about 1.6 percent and 2.3 percent respectively in the past 24 hours.
Top reasons why Crypto won
According to an analysis report from intelligence platform Santiment, there is always a positive sign that crypto prices are bouncing back whenever traders increase their use of bear markets. Interestingly, bear market listings have surged to their highest level in 11 weeks, signaling a recovery.
Notably, the crypto market feared the possibility of Binance’s insolvency after rumors circulated the internet that the exchange could offload its Bitcoin bag to support the BNB price. However, Binance CEO and co-founder Changpeng Zhao (CZ) told the crypto community to ignore the rumors as the exchange has no debt and does not take venture capital loans to facilitate its operations.
In addition, CZ stressed that client assets do not leave the exchange, despite being used in staking programs through smart contracts and to facilitate leveraged trading.
Meanwhile, a new Bitcoin wallet, believed to be from Robinhood, has accumulated more than $3 billion in coins. Interestingly, there are currently 156,660 wallets holding 10 to 10,000 Bitcoins, and as of August 17, they have accumulated approximately 11,629 coins worth approximately $308.6 million.