BNB price movement after Binance reveals $69B in crypto reserves
- The company released wallet addresses that feature $69 billion in crypto reserves.
- Out of them, Binance holds 475K BTC, alongside many other cryptocurrencies.
- In the last 24 hours, the value of the BNB cryptocurrency increased by 14%.
Binance is the largest cryptocurrency exchange in terms of volume and even features its own native cryptocurrency known as BNB (BNB/USD).
BNB is utilized for the process of trading, for the payment of the trading fees on the exchange, and as a result of this, has seen a high level of utility.
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Binance crypto reserves reveal as a catalyst for growth
We recently covered how the FTX Token (FTT/USD) dipped in value due to liquidity concerns surrounding the FTX exchange.
In the latest Binance news, as a result of those events, Binance pledged to reveal its crypto reserves and did so through an official announcement on November 10, 2022. They also backed out from the nonbinding FTX takeover.
The exchange noted that this report is just the starting point and that it is working towards creating a Merkle Tree POF that will be shared with the community within the next few weeks.
Binance holds 475K Bitcoin (BTC/USD), 4.8 million Ethereum (ETH/USD), 17.6 billion Tether (USDT/USD), 21.7 billion Binance USD (BUSD/USD), 601 million USD Coin (USDC/USD), and 58 million BNB. In total, the exchange holds $69 billion in its crypto reserves.
There were numerous other cryptocurrencies included in the list. However, these were the highlighted values.
Should you buy BNB (BNB)?
On November 11, 2022, the value of the BNB cryptocurrency was $295.5.
The all-time high that BNB (BNB) reached occurred on May 10, 2021, when it reached $686.31 in value. Here we can see that at its ATH, the cryptocurrency was trading $390.81 higher in value, or 132% higher.
In terms of the weekly performance, BNB (BNB) had its 7-day low point at $264.02, while its high point was at $383.94. Here we can see a difference from its low point to its high point by $119.92 or by 45%.
When we take a look at the 24-hour performance, the low point of BNB (BNB) was at $272.43, while the high point was at $311.02. This marked a difference of $38.59, or 14%, from its low point to its high point.
Investors might want to buy BNB as it can climb to $320 by the end of November 2022.