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XRP and BTC have witnessed eye-popping bulk trading activity.
Over the past 48 hours, large holders of XRP and BTC have clearly been in action, with many transactions recording huge token transfers. Data from Whale Alert shows that Bitcoin whales moved more than $55 million in Bitcoin in one transaction, and $31 million worth of XRP was transferred.
Specifically, a Bitcoin whale moved a total of 1,500 BTC ($5,591,1311) from an account associated with Bitfinex to another wallet on the exchange. In addition to this particular transaction, Bitcoin traders paid over $3 million in fees for a single transaction yesterday, unnerving the entire crypto market.
This large investor originally intended to send 139.42495946 BTC worth $5.23 million, but ended up receiving only 55.76998378 BTC worth $2.0652 million.
Whale Alert’s report pointed to two different XRP transactions. The first involved the transfer of 25.2 million XRP worth $15.6654 million, and the other included the transfer of 25 million XRP worth $15.553 million. Both transactions moved funds to trading platforms such as Bitstamp and Bitso, which may mean that these assets may be sold.
The impact of these transfers on XRP and BTC brands.
In the crypto ecosystem, large transactions involving Bitcoin and XRP in particular are not uncommon. The general view associated with these trades is that the originators are liquidating their funds, thereby tipping the market balance toward the bears.
For this transaction, the amounts involved are tiny relative to the actual liquidity of both cryptocurrencies and therefore cannot affect their prices in any significant way. There is evidence that these large transfers do not threaten the market equilibrium of these two assets. #xrp
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Who is Richard Teng?
Background
Richard Teng, former CEO of Abu Dhabi Global Market, assumed the role of CEO at Binance on November 21, succeeding Changpeng Zhao. Zhao's resignation and guilty plea to criminal charges were part of a $4.3 billion settlement
with the US Department of Justice.
Career Progression
Teng, based in Singapore, initially joined Binance as CEO of the city-state in August 2021. His responsibilities expanded, becoming Binance's regional head for Europe and Mena in November 2022 and head of regional markets in May 2023.
Regulatory Background
With a regulatory background, Teng began his career at the Monetary Authority of Singapore in 1994, holding the position of director of corporate finance. After approximately 13 years, he joined the Singapore Exchange as chief regulatory officer in 2007. In March 2015, Teng became the CEO of Abu Dhabi Global Market.
Executive Landscape
Teng stands out as one of the few senior executives who remained with Binance despite challenges. The US Securities and Exchange Commission filed 13 charges against the crypto exchange and its founder, leading to the departure of Binance's chief strategy officer Patrick Hillmann and senior vice president for compliance Steven Christie in July.
Company Confidence
Despite executive changes and regulatory scrutiny. Teng expressed confidence in Binance's foundations. In a LinkedIn post, he emphasized his focus on reassuring users about the company's financial strength, security, and safety, while also collaborating with regulators.
Binance Overview
Founded in 2017, Binance retains its status as the world's largest crypto exchange, boasting approximately 150 million users.
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