Rich investors are aggressively storing up Bitcoin on Binance and Coinbase

Notwithstanding volatile market conditions, 2 major Bitcoin organizations are reportedly amassing BTC at the moment.

Rich investors are aggressively hoarding bitcoin using global digital asset exchange Binance, according to Ki Young Ju, the CEO of analytics firm Crypto Quant, on Twitter.

Since Bitcoin's price passed the $20,000 threshold, Binance currently owns 84% of the total volume of spot trading, he continued. Second-largest is Coinbase, with 9% of the market.

Young Ju added that there is adequate demand to withstand the strong selling pressure given the increase in spot trading volume for bitcoin over the last six months on all exchanges.

This year, the benchmark digital currency has seen an almost 60% decline. Yassine Elmandjra, an analyst with Ark Investment Management, maintains his firm's prediction that Bitcoin's price will go above the million-dollar mark despite this year's significant sell-off+.

Cathie Wood, the chief investment officer of Ark, projected earlier this year that by 2030, the price of Bitcoin could reach $1 million per coin.

The hash rate of Bitcoin has also decreased significantly from its record high.

As a result, Bitcoin's hash rate discount in October reached its highest level since the first quarter of 2020, according to Nairametrics.  There had been a huge markdown prior to this, followed by a significant increase that persisted until 2021. According to experts, this is likely to reoccur and Bitcoin might overtake the majority of other valuable assets.

Binance vs Coinbase

With more than 600 options available to non-U.S. consumers, Binance is renowned for its extensive array of alternative currencies. Only about 100 coins, however, are supported by the Binance.US exchange. Whereas, 179 trade currencies are available on Coinbase.

While Binance offers a far larger number of fiat currencies, including USD, EUR, Australian dollar (AUD), GBP, Hong Kong dollar (HKD), and Indian rupee, Coinbase only accepts USD, British pound sterling (GBP), and EUR (INR). The amount of cryptocurrency pairs offered by Binance and Coinbase may differ depending on location.

Each platform offers a different currency. For instance, the cryptocurrencies vechain (VET), harmony (ONE), vethor token (VTHO), and qtum are all available on Binance but not Coinbase (QTUM). However, both services accept currencies that are both well-known and emerging currencies.

With the help of a web browser or mobile app, users of Coinbase and Binance can buy, sell, send, receive, and swap alternative coins. Although Binance also functions as an exchange, users in the United States cannot access all of the features found on the complete site.

 Peer-to-peer trading, limit orders, stop-limit orders, market orders, post-only orders, and other more advanced transaction types are all supported by Binance. 

Both sites serve as an online cryptocurrency brokerage. To buy, sell, or exchange digital currencies, users deposit fiat currency. Both require a photo ID verification throughout the signup procedure, which is comparable for both.

In both situations, you'll register an account, confirm your email, and deposit money through an approved means. When you're prepared to trade, you go to the exchange platform, place an order for the selected altcoin, and then follow the instructions displayed on the screen. The cryptocurrency is kept on the exchanges until you transfer it to a virtual bitcoin wallet for trading or withdrawal.