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<ul> 
 <li>Binance’s makes its 11th Proof of Reserve mmidst regulatory pressure.</li> 
 <li>To BNB holders and the crypto community BNB’s price outlook raises concerns.</li> 
 <li><a href="https://cryptonewsland.com/massive-liquidity-approaching-crypto/">Crypto market</a> data suggests a potential decline for Binance Coin (BNB).</li> 
</ul> 
<p><a href="https://www.binance.com/en" target="_blank" rel="noreferrer noopener nofollow">Binance</a>, one of the world’s largest crypto exchanges, has been actively working to build trust with its users amidst increasing regulatory scrutiny. Their latest effort involves the 11th snapshot of their proof of reserves, conducted at the beginning of this month.&nbsp;</p> 
<p>In detail, the exchange disclosed holdings of 588,<a href="https://cryptonewsland.com/cathie-wood-remains-confident-bitcoins-potential-to-reach-1000000-by-2030/">000</a> BTC, 3.83 million ETH, and a significant 15.31 billion USDT assets.</p> 
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   <p lang="en" dir="ltr">Binance releases its eleventh proof of reserve (snapshot date 10-1). Users' BTC assets were 588k, an increase of 0.12% from a month ago; users' ETH assets were 3.83 million, a decrease of 1.6%; users' USDT assets were 15.31 billion, a decrease of 0.8%.<a href="https://t.co/jGCPnwd2PR">https://t.co/jGCPnwd2PR</a></p>— Wu Blockchain (@WuBlockchain) <a href="https://twitter.com/WuBlockchain/status/1709941594181517339?ref_src=twsrc%5Etfw">October 5, 2023</a>
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<p>While these figures <a href="https://cryptonewsland.com/binance-ceo-breaks-silence-on-executive-exodus-all-is-well-for-bnb/" target="_blank" rel="noreferrer noopener">may appear modest</a> given Binance’s high trading volumes, it’s crucial to note that the snapshot accounts for assets held in custody on behalf of users. With more individuals favoring self-custody solutions, Binance emphasizes that those relying on its custody services have their assets backed at a 1:1 ratio.</p> 
<p>Shifting focus to Binance Coin (BNB), recent announcements about proof of reserves are unlikely to have a substantial impact on its price. As we can see from the post above, the response to it shows that the community isn’t very impressed by it.</p> 
<p>However, BNB has shown signs of accumulation since August 22nd. While this might suggest a bullish scenario, a similar pattern was observed between June 12th and August 11th, preceding a decline.</p> 
<p>At the time of <a href="https://www.cryptopurity.com/binance-launches-its-eleventh-proof-of-reserve-but-will-bnb-soon-crash/" target="_blank" rel="noreferrer noopener nofollow">reporting</a>, BNB traded at $211, down over 5% from its weekly high. Historical patterns extend to indicators like the Relative Strength Index (RSI) and the Money Flow Index (MFI), resembling the June-August phase.</p> 
<p>On-chain data reveals <a href="https://cryptonewsland.com/rapid-binance-withdrawals-cause-stir-with-150-million-btc-movement/" target="_blank" rel="noreferrer noopener">waning market confidence</a>, implying that trader sentiment may not support a bullish outcome. BNB’s Weighed Sentiment metric has decreased significantly since late September, and on-chain volume indicates a lack of enthusiasm.</p> 
<p>In summary, there’s a notable possibility of history repeating itself if the current market conditions persist. This could lead to a potential 14% decline in BNB’s value, reminiscent of the June-August crash. Even a 5% drop from its current level could push BNB below the $200 mark.</p> 
<h4 class="wp-block-heading" id="h-read-also">Read Also</h4> 
<ul class="wp-block-yoast-seo-related-links">
 <li><a href="https://cryptonewsland.com/here-are-the-exchanges-with-published-proof-of-reserves-so-far/">Here Are the Exchanges With Published Proof of Reserves So Far</a></li>
 <li><a href="https://cryptonewsland.com/binance-releases-proof-of-reserves-system/">Binance Releases Proof of Reserves System</a></li>
 <li><a href="https://cryptonewsland.com/dubai-police-educates-residents-on-its-virtual-asset-regulation/">Dubai Police Educates Residents on Its Virtual Asset Regulation</a></li>
 <li><a href="https://cryptonewsland.com/binances-proof-of-reserves-is-solid-cryptoquant-report/">Binance’s Proof of Reserves is Solid: CryptoQuant Report</a></li>
 <li><a href="https://cryptonewsland.com/kraken-ceo-calls-binance-proof-of-reserves-pointless/">Kraken CEO Calls Binance ‘Proof Of Reserves’ Pointless</a></li>
</ul> 
<p>The post <a rel="nofollow" href="https://cryptonewsland.com/binance-conducts-11th-proof-of-reserve-amid-regulatory-pressure/">Binance Conducts 11th Proof of Reserve Amid Regulatory Pressure</a> appeared first on <a rel="nofollow" href="https://cryptonewsland.com">Crypto News Land</a>.</p>

Binance Conducts 11th Proof of Reserve Amid Regulatory Pressure

Crypto News Land

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