Assessing the ‘why’ behind ETH’s gas price spike due to Binance

Ethereum’s gas fees spiked due to Binance’s Proof-of-Reserves endeavors Activity on the network increased, however, sentiment against Ethereum declined Over the last few days, there was a massive spike in Ethereum’s [ETH] gas fees and gas spent. This massive spike was caused by Binance moving large amounts of Ethereum for their Proof-of-Reserves endeavors.