Coinfloor May solvency report shows drop in bitcoins held as USD value soars

UK-based cryptocurrency exchange Coinfloor published their May 2017-38th monthly Provable Solvency Report today.

The report shows that as of May 24th, Coinfloor holds a total of 6,749.3719 XBT in custodian on behalf of clients, this is 9.5% lower than the 7,454.8454 XBT reported for April.

Coinfloor clients are moving bitcoins around and seem to be taking advantage of steady increasing prices by converting more bitcoin off of the exchange, which explains the drop. Bitcoin today reached a new all-time high past $2,400 USD.

Even though the amount of bitcoin held in custodian continues to be lower compared to previous months, with the steady rise in XBT prices, Coinfloor retains approximately $6.4 million more USD than April’s report at today’s exchange rates, a 64.15% increase in USD value.

Month-over-month change in XBT held (-9.5%)

7,454.8454 XBT (bitcoin) equals $9,991,356.55 US dollars – Total for April
6,749.3719 XBT (bitcoin) equals $16,400,906.22 US dollars – Total for May

Month-over-month USD value change = $6,409,549.65 US dollars (+64.15%)