As crypto market panics, Binance piles up bitcoin

Have a hollow in the walletBitcoin (BTC) begins the year 2022 with a succession of daily red candlesticks, which eventually brought its price down to levels close to $ 40,000. While the more cautious – or the most pessimistic – fear the start of a bear market, Binance dances in the markets with the bears and fills up with bitcoins at lower prices.

116,000 BTC and more for Binance: balance day for bitcoin

Binance is apparently not complaining about the fall in the price of bitcoin. L’address 3LYJfcfHPXYJreMsASk2jkn69LWEYKzexb owned by the stock exchange thus added on January 4, 2022, 43,000 BTC at an average price of $ 46,553.68. Binance had confirmed to be the owner of this wallet in a 2019 tweet.

The exchange was to use this address for the issuance of tokens on the Binance Chain, starting with the bitcoin BEP2 (BTCB) which is a token backed by bitcoin. Binance, however, now appears to be using it as a cold storage wallet for its bitcoins. Wallet today contains 116,601,13647202 BTC.

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Bitcoin Under $ 43,000: A Race To Buy Troughs?

As bitcoin loses the $ 43,000, some bitcoiners are buying the dips, while others encourage doing it. New York City Mayor Eric Adams said in his Jan. 6, 2022 interview on CNBC’s Squawk Box show that he has yet to receive his first bitcoin salary as mayor. However, he reiterated his desire to make New York a hub for bitcoin and cryptocurrencies.

When the show’s co-host, Andrew Ross Sorkin, pointed out that the price of bitcoin has “gone down,” Adams introduced this drop as an opportunity :

“Sometimes the best time to buy is when things go down, so when they go up you’ve made a good profit”

Bitcoin fell below $ 43,000, in part because of the publication of the minutes of the December meeting of the US Federal Reserve which wants to reduce its balance sheet and raise interest rates in 2022, which should theoretically allow the institution to regain control of inflation.

The year begins under a red sky for bitcoin. The bulls seem to be racing for the moment, minors in Kazakhstan are at a standstill following an internet cut. Binance still seems to have found 43,000 reasons to keep smiling.

If bitcoin and cryptocurrencies are the object of all covetousness, it is because they are… precious! Do not wait any longer to prepare for the future by going to register on the Binance platform, THE absolute reference in the sector (affiliate link).

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