financemagnates.com
Bitget has released its latest Proof of Reserves (PoR) report for April 2024, highlighting a Bitcoin reserve ratio of more than 335%. The cryptocurrency exchange also indicated significant growth in USDT and ETH user assets since January 2024. The latest report arrived more than a week after the Bitcoin halving event.
Bitget's PoR report revealed a total reserve ratio of 176%, with that of ether reaching 229%. According to the crypto exchange, this update is important in strengthening commitment to transparency and financial stability. The exchange has implemented additional measures such as a protection fund and monthly valuations to mitigate risks.
Gracy Chen, the Managing Director at Bitget, mentioned: "Bitget is unwavering in its commitment to transparency and financial stability. Our latest PoR update reinforces our dedication to safeguarding user assets and upholding the highest accountability standards. With a total reserve ratio of 176%, Bitget continues to lead by example in the cryptocurrency exchange industry."
On April 22, 2024, Bitget's total reserves exceeded $2.7 billion. The company plans to conduct routine audits to ensure continuous visibility into its reserves. The latest update highlighted a significant upsurge in USDT and ETH user assets by 51% and 46%, respectively, since January 2024.
Last month, Bitget recorded impressive growth in the first quarter, with a significant increase in trading volumes and the value of its native token, BGB. Bitget's futures trading volume jumped to $1.4 trillion, marking an increase of 146% from the previous quarter.
Growth in Trading Volumes
The exchange experienced substantial growth in derivatives market share, with a 2.4% surge in March. Concurrently, spot trading volume surged by 113%, exceeding $60 billion during the same period.
The surge in Bitget's trading volumes aligns with the broader trend observed across the cryptocurrency industry. According to Finance Magnates Intelligence, spot volumes for major cryptocurrency exchanges surged by 119% in March compared to the previous year and over 100% compared to February.
However, Bitcoin mining farms are adjusting to the aftermath of the halving event. For instance, Bitfarms plans to invest $240 million to triple its current hash rate capacity to 21 exahashes per second to remain competitive, Cointelegraph reported. This move occurred after Bitfarms reported its lowest monthly earnings over two years.
Bitfarms, like many other miners, experienced the impact of the Bitcoin halving, with its April earnings hitting a concerning low. Despite earning 269 Bitcoin in mining rewards and transaction fees, this figure was 6% lower than the previous month and 29% lower year-over-year.