Users withdraw $1.35 billion worth of bitcoins from Binance after FTX crash: What's Bitcoin doing right now?

The bankruptcy of cryptocurrency exchange FTX affected the entire sphere: Binance, the world's largest cryptocurrency exchange, faced a record level of withdrawals of bitcoins, Ethereum and Stablecoin.

According to CryptoQuant, users withdrew 81,712 bitcoins worth about $1.35 billion and 125,026 Ethereum coins worth $155 million from Binance in just a few days. As for Stablecoins, they were withdrawn for $1.14 billion.

Many experts say that withdrawals from cryptocurrency exchanges have become a major problem for the industry. According to Coinglass, a total of about 200,000 bitcoins have been withdrawn from cryptocurrency exchanges in the past few days, resulting in the number of tokens stored on the exchanges dropping to 1.88 million.

Moreover, it affected not only Binance, but also Coinbase, Gemini and Kraken.

Against this backdrop, Binance CEO Changpeng Zhao promised to create a fund to rebuild the cryptocurrency industry. The announcement has been good for the industry, and the value of bitcoin and some other cryptocurrencies has risen.  

At the moment, one bitcoin is worth about $16,735.

When it became known about the problems of the FTX crypto exchange, the value of bitcoin and other currencies began to fall. On the evening of November 9, it fell to a record $15,625. One year ago the cryptocurrency reached its all-time high of $68,982.