Here are the top three news stories from the past day brought to you by U.Today.
Here are the top three news stories from the past day brought to you by U.Today.
Binance DOGE, SHIB and XRP reserves exceed 100%
In the latest reserve test report, Binance revealed the amount of crypto in its reserves, showing the relationship between the net balances of the exchange and its clients. As can be seen in the report, Binance owns a substantial amount of three popular assets, Dogecoin, Shiba Inu and XRP, 12.2 billion DOGE, 69.4 trillion SHIB and 2.7 billion XRP, in particular. Notably, Binance’s holdings of these tokens are slightly larger than those of its users, with ratios of approximately 100.6%, 103.6%, and 101% for DOGE, SHIB, and XRP, respectively. This information illustrates Binance’s approach to ensuring sufficient liquidity and effectively managing its risk profile. By maintaining reserves slightly higher than those of its clients, Binance is better equipped to handle market volatility and unexpected increases in demand, which improves the overall stability of the platform.
SEC vs. Ripple: Crucial Application Filed by Defendants
As defense attorney James K. Filan shared in a recent x publicationundulation required a one-week extension for discovery related to remedies in its lawsuit against the SEC. The company is seeking to move the deadline from February 12 to February 20, 2024. The extension request is said to be in response to the SEC’s request for contracts and post-complaint financial statements from 2022 and 2023, which Ripple plans to comply. with. The company’s legal team clarified in the official letter to Judge Analisa Torres that, if the requested deadline extension is not granted, “Ripple would have only one week to produce responses to discovery requests that seek a large volume of documents and cover everything the position.” -complaint period.” Notably, the extension request comes with the consent of the SEC. “A short extension of eight days will give Ripple sufficient time to compile and produce the requested documents,” Ripple’s lawyer added.
Bitcoin Wallet Activity Drops Despite ETF Approvals
According to recent data provided by Santiment, four weeks after the SEC’s approval of 11 Bitcoin spot ETFs, Bitcoin wallet activity is experiencing a slowdown, with a decrease in the number of BTC wallets containing more than zero coins. This pattern indicates a growth in investor fear, uncertainty and doubt (FUD) and a shift in interest towards alternative investment options, away from direct ownership of Bitcoin. According to IntoTheBlock data, a significant decrease is seen in daily active addresses, new addresses, and active addresses, along with an increase in addresses with zero balance. Over the past week, daily active addresses fell sharply by 35.95%, while new addresses and active addresses fell by 5.99% and 24.40%, respectively. The total number of Bitcoin addresses is even more revealing; has remained relatively stagnant over the course of the 30-day period, showing only a minor fluctuation from a high of 51.93 million to a low of 51.45 million addresses.
