DeFI News by Thebittimes.Com

The supply of Bitcoin (BTC) on cryptocurrency exchange s has hit its lowest amount in the past five years , as investors continue to pull their assets off them due to declining confidence in crypto trading platforms that have been under constant pressure by regulators in recent months. Indeed, the overall supply of Bitcoin on exchange s is down to a mere 5.38%, which is the lowest point since December 2017, according to the most recent information shared by crypto on-chain and social metrics platform Santiment in an X post published on November 29. As the analysts explained, investors have continued to move their Bitcoin into self-custody “as exchange reputation continues to diminish,” exacerbated by the recent settlement between Binance and the United States Securities and Exchange Commission (SEC), as well as the lawsuit against Kraken. Bitcoin vs. Tether supply on exchanges. Source: Santiment At the same time, the ten largest exchange crypto wallets with Tether (USDT) are ...

Nearly $1 billion worth of Bitcoin (BTC) was withdrawn from cryptocurrency exchanges in the last 24 hours , according to data gathered on from blockchain analytics platform Glassnode. Over the last 24 hours , approximately $612.3 million worth of Bitcoin flowed into exchanges while $1.5 billion was withdrawn, resulting in a net outflow of $936.5 million. This massive movement of Bitcoin off exchanges reduces the circulating supply available for trading. You might also like: Bitcoin holds strong with higher market cap than Tesla despite bear market Ethereum (ETH) also saw significant outflows during the same period. Around $356.9 million entered exchanges while $544.6 million was withdrawn, for a net outflow of $187.7 million. Similarly, Tether’s USDT stablecoin had $418.1 million in inflows compared to $458.6 million in outflows, totaling -$40.5 million in net outflows. Large cryptocurrency withdrawals from exchanges are typically interpreted as a bullish sign, as...

The teams for crypto exchange Bitget and Web3 protocol Floki blamed each other for allegedly misleading investors. The teams behind the Floki protocol and Bitget crypto exchange have accused each other of market manipulation after the protocol’s token, TokenFi (TOKEN), was listed and delisted by Bitget. This is according to an October 31 social media post from the Floki team and a blog post from Bitget.  The Floki team claimed that Bitget listed the token before it was launched, referring to the Bitget listing as a “fake token,” while Bitget claimed that the Floki team was “suspected of market manipulation by maliciously controlling the initial liquidity.” Bitget statement on TokenFi delisting. Source: Bitget. The Floki team said it submitted a proposal on October 18 to the Floki decentralized autonomous organization (DAO) to launch a staking program with a reward token that would “target a trillion-dollar industry with strong potential.” Meanwhile, the team was talking with centrali...

Taiwan plans to restrict access to offshore crypto currency exchanges that are not registered with the local regulators. According to a Sept. 7 report by Taiwan’s semi-official Central News Agency, the country’s Financial Supervisory Commission recently drafted ten virtual asset service provider principles for local crypto regulation. Those principles are expected to be released by the end of September. The newly set requirements include review standards for listing and delisting, separate custody of platform and customer assets, and anti-money laundering (AML) procedures. Following the publication of the principles later this month, public institutions will formulate regulatory norms on their own. Those rules will not be final and will be amended to comply with international standards and react to research findings. You might also like: Binance seeks AML compliance in Taiwan The principles set forth by Taiwanese regulators for digital assets are: Digital asset...

Binance is up over 50,000 BTC in a month, in sharp contrast to other major exchanges, while data suggests the market is going short BTC at $30,000. Bitcoin (BTC) traders may be gearing up for a sell-off as data shows tens of thousands of coins moving to exchanges. The latest figures from on-chain monitoring resource Coinglass confirm that global trading volume leader Binance’s BTC balance rose by over 50,000 BTC ($1.5 billion) in the past 30 days. Binance takes lion's share of exchange BTC balance increase With BTC/USD setting multi-month highs regularly since mid-March, the temptation to sell for both long-term (LTHs) and short-term holders (STHs) has no doubt increased. As Cointelegraph reported, actual selling pressure has thus far remained muted by historical standards, but on-chain data suggests that this could easily change. According to Coinglass, Binance alone now has 51,000 BTC more on its books than 30 days ago. Versus Match 10, when BTC/USD briefly challenged $20,000 su...