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Binance Leads Bitcoin and Ethereum Outflows in 2024

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14 hours ago

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Binance Exchange is in the spotlight as the trading platform that dominated Bitcoin (BTC) and Ethereum (ETH) outflows in the past year. According to CryptoQuant analyst Crazzyblockk, the trading platform set a new benchmark for exchange activity. 

The Binance Bitcoin and Ethereum Outflow Dominance

According to Crazzyblockk, crypto exchange Binance processed nearly 2 million Bitcoin and Ethereum outflow transactions in December 2024. Since 2018, the exchange has consistently led the market per Bitcoin and Ethereum outflow transaction counts. 

Despite the shift in the U.S. market per the emergence of crypto-based exchange-traded funds, CryptoQuant noted that Binance maintained its dominance. The trading firm led its rivals to process the highest monthly BTC and ETH outflow trades.

The analyst pointed out that the December 2 million outflow transaction count shows Binance’s deep liquidity. The record presents the exchange with robust infrastructure and a defined role as a core gateway for crypto trading withdrawals.

Binance achieved this milestone despite the impact of the departure of Changpeng ‘CZ’ Zhao as the CEO in 2023 

Exchanges Supporting Crypto Market

While Binance ranked as the biggest per Bitcoin and Ethereum outflow processing, exchanges generally played a vital role in the crypto market’s evolution last year.

Coinbase exchange, for instance, played a vital role as a major custodian for Bitcoin and Ethereum ETF issuers. Beyond its role in the institutional market, Coinbase also played a key role in offering retail products through new token listings. Coingape reported recently that Coinbase listed MOG Coin, Moo Deng, and other retail-focused tokens.

Rivals like Binance have also stepped up their listing game to match support for other evolving assets beyond BTC and ETH.

Market Predictions For 2025 – Bitcoin and Ethereum In Focus

Bitcoin and Ethereum influence the market with a combined dominance of at least 68.8%. While CryptoQuant did not predict what outflow trends might accompany the assets this year, industry leaders gave some forecasts about both coins and their ecosystems.

Bitwise, for instance, predicted that Bitcoin and Ethereum prices would hit a new all-time high (ATH) this year. Specifically, Bitwise said BTC would hit $200,000 and Ethereum would hit $7,000 this year. 

Meanwhile, BTC has recorded multiple ATHs this bull cycle fueled by demand from Binance and other platforms. However, Ethereum has yet to break a similar record. Other asset managers like Galaxy Digital also issued optimistic forecasts for BTC and ETH this year.

Ultimately, the belief is that due to their dominance and correlation with altcoins, a growth in their price might create a ripple effect for other digital assets.

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Godfrey Benjamin

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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How a Crypto Trader Turned a 90% Loss Into a $2.5M Win?

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1 hour ago

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January 10, 2025

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The crypto trading industry’s popularity grew with the spread of exponential investment growth stories. One such story of a crypto trader trends in the market today, as the trader lost 90% of the holdings’ worth before succeeding with the recovery. With that, the crypto investor made $2.5M within two months, bringing an optimistic experience for the rest of the community.

Crypto Trader’s Bold Move Cost Him $1M Before $2.5M Profits

The crypto trading industry gained its name for decentralized transactions and heavy returns, but many trades do not follow the expectation. Lookonchain highlighted an incident supporting the statement, where an enthusiastic crypto trader places trade in hopes of heavy returns. However, the trader faced a  $1M loss, with the portfolio losing 90% of its value. Interestingly, the trader’s patience paid off after some time,  as the crypto token’s worth grew, bringing a $2.5M profit to the investor.

According to the Lookonchain X post, the crypto investor spent 5,441 SOL, equivalent to $1.15M, and bought 20.46M PIPPIN. This happened two months ago, but volatility took over, crashing the Pippin token by 90%, leaving the investors with only a $1M loss. However, as the Lookonchain regarded the trader ‘diamond hand,’ it stayed patient.

Crypto trader's PIPPIN buyingCrypto trader's PIPPIN buying

To this day, the trader did not sell any crypto, and over time, the loss turned into $2.5M in profits, with the Pippin token’s recovery on the chart. This portrayed the market’s volatility, where a loss can become a profit and vice versa, depending on the situation. In two months, the aforementioned crypto trader’s $1.15M turned into $3.68M with a PIPPIN price pump.

PIPPIN Price Surge 130% Amid Higher Investor Interest

Pippin is an AI agent that has recently drawn attention in the crypto trading market. Although the token was launched just a few months ago and suffered losses, its demand has increased multiplefold in the last few days due to the increased hype around AI cryptos. As a result, its trading volume grew more than 150%, settling at $116,980,268 today. The PIPPIN price rose 130% to $0.21 from $0.091, gaining a market capitalization of $210,196,191.

Pippin token price surgePippin token price surge

Meanwhile, this surge equipped the trader to earn $2.5M in profits; this is not a rare event. Similarly, another crypto investor made three Million in just a few hours. However, along with the profiting incidents, there are losses as well, creating the need for smart investments.

What’s The Lesson Here?

Pippin token’s price performance reflects the volatile nature of the crypto industry, where investor sentiments play a significant role. The token crashed right after the crypto trader’s buy, putting the trader’s portfolio at a 90% loss. However, with time and increased demand for AI-themed cryptocurrencies, PIPPIN price grew, leading to a $2.5M profit for the crypto investor. Eventually, this journey from a $1M loss to a $2.5m profit hints at how the market often fluctuates and how the right crypto trading strategies and patience could defeat the volatility.

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Pooja Khardia

With a deep-seated passion for reading and five years of experience in content writing, Pooja is now focused on crafting trending content about cryptocurrency market.

As a dedicated crypto journalist, Pooja is constantly seeking out trending topics and informative statistics to create compelling pieces for crypto enthusiasts. Staying abreast of the latest trends and advancements in the field is an integral part of her daily routine, fueling a commitment to delivering timely and insightful coverage

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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BTC, ETH, XRP & Top Altcoins Bleed Ahead Of Key Jobs Data

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4 hours ago

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January 10, 2025

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Cryptocurrency prices today indicate a bearish trend for Bitcoin (BTC) and major altcoins like Ethereum (ETH) and XRP. Bitcoin touched a low of $92,000, while ETH slipped by approximately 2.51% and XRP declined by 3%. These drops come as the market awaits the release of U.S. jobs data, expected later today. A strong labor market report could influence interest rate expectations, which may further impact crypto valuations.

The global crypto market cap fell by approximately 1.68%, now standing at $3.25 trillion. Additionally, overall trading volume saw an 11% drop, settling at $155 billion. Meanwhile, the Fear and Greed Index sits at 43, signaling neutral sentiment in the market.

Crypto Prices Today: BTC, ETH, XRP, and SOL Struggle to Hold Key Levels

Bitcoin (BTC) dropped to $92,000, continuing its bearish trend, while Ethereum (ETH) fell by 2.51%. XRP declined by 3%, and Solana (SOL) recorded losses amid overall market weakness. Meanwhile, CleanSpark announced that it has mined over 10,000 BTC in its treasury, showcasing resilience despite market volatility.

Bitcoin Price Today

Bitcoin (BTC) price was trading at $93,433 after hitting a low of $91,231 earlier in the day. The leading cryptocurrency was down by 1% at the time of writing. Its market cap has once again fallen below the $2 trillion mark, now standing at $1.85 trillion. As per Coinglass data, in the last 12 hours, Bitcoin saw a liquidation of $43 million, with $33 million from long positions and $9 million from short positions.

Ethereum Price Today

Ethereum (ETH) was trading at $3,245, down 2.55% in the past 24 hours. Its 24-hour low was $3,159, while the high touched $3,341. Crypto prices today remained bearish, but a CoinGape analyst suggested ETH could potentially hit its all-time high, as Fidelity deposited 103 million ETH into Coinbase, sparking fresh market interest.

XRP Price Today

XRP was trading at $2.28, reflecting a 3% drop in the last 24 hours. Its 24-hour low stood at $2.23, while the high reached $2.36. In other news, on-chain data revealed that Ripple Labs transferred 300 million XRP to an anonymous wallet, sparking concerns of a potential sell-off in the market.

Solana Price Today

Solana (SOL) was trading at $188, down by approximately 4% in the last 24 hours. Its 24-hour low was $182, while the high reached $195. The coin is facing some downward pressure, continuing the bearish trend in the broader market.

Top Cryptocurrency Gainer Prices Today

As per crypto prices today, here are the top 5 crypto gainers over the last 24 hours:

Kaia (KAIA)

Price: $0.21
24-hour gain: +3%

Litecoin (LTC)

Price: $103.93
24-hour gain: +2.15%

BitTorrent (BTT)

Price: $0.000001161
24-hour gain: +2.06%

Movement (MOVE)

Price: $0.88
24-hour gain: +2%

KuCoin Token (KCS)

Price: $10.60
24-hour gain: +1.67%

Top Cryptocurrency Loser Prices Today

As per crypto prices today, here are the top 5 crypto losers over the last 24 hours:

THORChain (RUNE)

Price: $3.27
24-hour loss: -17%

SPX6900 (SPX)

Price: $1.17
24-hour loss: -10%

Bittensor (TAO)

Price: $430.80
24-hour loss: -7.15%

Dogwifhat (WIF)

Price: $1.57
24-hour loss: -6.84%

Virtual Protocols (VIRTUAL)

Price: $3.21
24-hour loss: -6%

Meme Crypto Prices Today

Meme crypto has shown a mixed reaction as Bitcoin touched the $92K mark. Dogecoin (DOGE) was down by approximately 4%, trading at $0.326, while Shiba Inu (SHIB) was trading at the same price as yesterday, with a slight gain, now at $0.00002129.

Other top meme coins such as PEPE, PENGU, and BONK are down by approximately 4% in the last 24 hours.

On a more positive note, the hourly chart suggests some recovery, as Bitcoin and major altcoins are in the green in the last hour. AI16Z has been the top performer, up by 2% in the past hour.

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Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Senate Banking Committee Advances Plans for Crypto Subcommittee Vote

Published

8 hours ago

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January 10, 2025

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The Senate Banking Committee, under the leadership of Senator Tim Scott, is preparing to establish its first-ever subcommittee focused on cryptocurrency oversight. This initiative comes amid increased government attention on digital assets, including the recent sale of $6.7 billion in Bitcoin seized from the Silk Road case by the U.S. Department of Justice.

The move is seen as part of broader efforts to provide regulatory clarity for the rapidly growing cryptocurrency industry. According to a report shared by FOX Business reporter Eleanor Terrett, Senator Cynthia Lummis has been tentatively selected to chair the subcommittee.

Senate Banking Committee Pushes for Dedicated Crypto Subcommittee

The new cryptocurrency subcommittee is similar to the one established in the House Financial Services Committee in 2023 by Patrick McHenry. The decision made by the Senate Banking Committee is in line with the efforts made by both parties to fill the gaps in the regulation of cryptocurrencies, which has been a concern within the digital asset industry.

A Senate aide stated that a vote to formalize Senator Lummis as chair with new Republican and Democrat members will most probably take place next Thursday. This vote is to occur before another confirmation hearing for Scott Turner, the person chosen by President-elect Donald Trump for the position of Secretary of Housing and Urban Development.

Senator Lummis has been one of the biggest proponents of the growth of digital assets and blockchain technologies. Her leadership in the subcommittee may be able to help bring more attention to addressing industry issues, for example the uncertainty of regulation that has led some companies to shift operations overseas.

Industry Seeks Clearer Regulations Amid Government Action

Senator Lummis has been one of the biggest proponents of the growth of digital assets and blockchain technologies. Her leadership in the subcommittee may be able to help bring more attention to addressing industry issues, for example the uncertainty of regulation that has led some companies to shift operations overseas.

The formation of the Senate’s crypto subcommittee is likely to make the process of enacting coherent and comprehensible legislation even easier. This follows other actions by the government in the crypto sphere such as the sale of Bitcoin that was seized from Silk Road. The DOJ’s auctioning off of $6.7 billion worth of Bitcoin not only represented a significant enforcement action, but also highlighted the government’s increasing presence within the asset class.

As the change of government admin looms, the cryptocurrency industry is also putting pressure on the incoming President of the United States, Donald Trump, to support friendlier policies. Moreover, sources indicate that industry leaders have called for formation of a US Bitcoin reserve and executive orders to foster advancement of the blockchain technology.

Expectations for Senator Lummis’s Leadership

If approved as chair, Senator Cynthia Lummis will have a pivotal influence on setting up the new course for the U.S. cryptocurrency policies. Lummis has long been a proponent of digital assets, often campaigning for their acceptance into the US financial system.

This comes amidst appointments by the Trump administration to replace important regulatory heads such as SEC Chair Gary Gensler with others that are more liberal in the cryptocurrency space. There has also been a suggestion of a new White House position called the “Crypto Czar” within the transition team’s plans.

The creation of the Senate’s cryptocurrency subcommittee has been seen as a significant move to help combat the problems facing the sector. This is anticipated to help promote discussions between the government and businesses to support growth and coordination on regulations.

The vote to set the final list of the members of the subcommittee will be held on Thursday.

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Kelvin Munene Murithi

Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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