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<ul><li>Crypto influencer Julian Hosp believes that Binance’s Bitcoin purchases in the first half of 2023 may have helped pump BTC’s prices.</li><li>The crypto exchange used its USD bank balances to purchase roughly 100,000 BTC in H1 ‘23.</li><li>The BTC purchases were prompted by the collapse of multiple banks, putting the exchange’s USD in danger.</li></ul>Crypto influencer Julian Hosp recently shed light on the possible influence of the leading crypto exchange Binance in  Bitcoin’s rally earlier this year. The crypto exchange’s decision to convert billions of USD bank deposits into BTC and other crypto assets reportedly led to an increase in the cryptocurrency&#39;s price in the first half of 2023.Julian Hosp took to Twitter earlier today to highlight Binance’s role in Bitcoin’s recent rally:<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/634921f30ac344bbb311d230027bd942.png" />Hosp, who serves as the Chief Executive of digital asset firm Cake Group, cited data gathered by fellow crypto Twitter members, which highlighted Binance’s proof of reserves. A proof of reserve (PoR) refers to a third-party audit that ascertains a crypto exchange’s crypto holdings against its clients’ digital asset balances.Binance’s proof of reserve was last <a href="https://www.binance.com/en/proof-of-reserves" rel="noopener noreferrer nofollow">updated</a> on August 8, 2023. According to the data shared by Hosp, the world’s largest crypto exchange was withdrawing USD from its bank accounts in the United States following the collapse of multiple tech-focused banks, including Silicon Valley Bank (SVB), Signature Bank, and Silvergate Bank.Read full article at<a href="https://cryptotale.org/analyst-flags-binances-role-in-bitcoins-rally-in-2023-h1/" rel="noopener noreferrer nofollow"> CryptoTale.</a>

Analyst Flags Binance's Role in Bitcoin's Rally in 2023 H1

CryptoTale

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