Bitcoin Balances On Most Exchanges Were Down Last Week, But Not This One – TheStreet

Why one exchange didn’t see a drop in its BTC balance

You may have heard that Bitcoin balances at the largest exchanges were down last week. But that’s only part of the story. 

On-chain analysis Twitter account CryptoQuant found earlier this week that Bitcoin net outflow transactions surpassed 60,000 for the first time in a year and deposits to exchange wallets fell below 20,000.

Coinbase Pro, Binance, OKEx, Bitfinex and Huobi have all seen 7-day drops in their BTC balances. But Kraken’s BTC balance is up 5,859.67 over the past seven days — the only net increase of the group.

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Factors working in Kraken’s favor: a newly launched mobile app, expedited verification for valid U.S. customers and the fact that its focus on the U.S. seems to have limited its exposure to shockwaves from the China cryptocurrency crackdown.

The company has also been hyper-focused on screening new tokens before they’re added to its exchange. Maximilian Marenbach told BeInCrypto last week that Kraken keeps its screening intentionally strict to identify projects that support its mission to accelerate cryptocurrency adoption. 

“We make sure that every token goes through compliance, legal and security checks. The security of the exchange and the security of our customers are our top priorities and determine everything we do.”

You may have heard that Bitcoin balances at the largest exchanges were down last week. But that’s only part of the story. 

On-chain analysis Twitter account CryptoQuant found earlier this week that Bitcoin net outflow transactions surpassed 60,000 for the first time in a year and deposits to exchange wallets fell below 20,000. Subscribe for full article

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