Users trust Binance and Coinbase for security – AMBCrypto
Users trust Binance and Coinbase for security – AMBCrypto
In a recent analysis of crypto market, Binance and Coinbase have been highlighted for their robust security protocols. The recognition underscores the importance of security in the sector of digital currencies, where breaches can have consequences for users and the broader market.
Despite the volatile market conditions, major players like Binance and Coinbase continue to be the most trusted exchanges for security among investors, according to details from AMBCrypto.
Security remains a paramount concern for the crypto community, especially as hacking incidents have surged in 2024. Crypto hackers have stolen over $1.58 billion in digital assets by July, marking an 84% increase from the previous year. AMBCrypto's survey revealed that 78% of respondents trust Binance and Coinbase as the most secure cryptocurrency exchanges. Additionally, 43% of participants prioritize using hardware wallets to safeguard their assets.
In overall, the market has experienced a turbulent 2024, with Bitcoin struggling to maintain its psychological support level of $60,000. Expectations that the Federal Open Market Committee might cut interest rates in its September meeting have been dampened by rising geopolitical tensions in the Middle East and Africa, leading to increased investor caution. Despite easing U.S. inflation, Bitcoin price has declined.
However, amidst this uncertainty, a silver lining has emerged. AMBCrypto’s August 2024 report highlights that large-scale investors, known as whales, are capitalizing on the market dip by increasing their holdings in Bitcoin. After reaching a low of 1,638, the number of whale investors is gradually rising, indicating renewed confidence in the long-term potential of the cryptocurrency.
Despite the bullish outlook from whales, retail interest in Bitcoin waned in early August, with many investors shifting focus to altcoins. However, this trend reversed later in the month, as the number of active Bitcoin addresses surged, signaling a renewed interest.
Looking forward, the cryptocurrency market is poised for potential short-term reversals, especially with the anticipated launch of Solana-based ETFs and increased institutional interest in Bitcoin spot ETFs.
