- The largest cryptocurrency exchange in the world, Binance, experienced a net inflow of $1.2 billion in only one day after experiencing significant sell-offs as a result of Monday’s market fall. According to Binance CEO Richard Teng, this inflow is the most for a single day this year.
The CEO of Binance, Richard Teng, attributed the significant inflows on the exchange to increasing investor trust by citing data from Defi Llama. He posted this insight on his X page, where he has over 300,000 followers.
During the market downturn, Binance records a significant net inflow
According to Defi Llama’s CEX Transparency data, Binance saw a net influx of $1.2 billion in the previous day despite the macroeconomic environment and yesterday’s market decline. This is one of the days with the largest net inflows for 2024, a sign of great investor optimism.
One of the biggest trade volumes of the year occurred on Binance yesterday as well. Significant token values are currently rising again, and the state of the market confirms this trend in a positive way.
Bitcoin and Ethereum have made considerable recoveries since the market crisis, currently trading at $55,131 and $2,460, respectively.
Anton Toroptsev of Bitget believes that this week, Bitcoin might reach $60,000.
Before the end of the week, according to Bitget’s CIS Region Marketing Director Anton Toroptsev, Bitcoin might rise back above $60,000.
According to Toroptsev, Bitcoin values might rise back to $58,000 by the middle of the week. He went on to say that Bitcoin might hit or even surpass $60,000 by the end of the week.
Binance Records $1.2B in Inflow; Robinhood Stops Trading Overnight
The world’s biggest cryptocurrency exchange, Binance, saw a noteworthy net inflow of $1.2 billion after the market drop on Monday that set off a trading frenzy.
Due to the high volume of trading activity, many platforms were unable to manage the load. Because of problems with execution, the brokerage firm Robinhood announced a temporary suspension of its nighttime trading services.
To sum up
A massive inflow of more over $1.2 billion into Binance was caused by the recent market meltdown and a broad selling frenzy. A combination of larger macroeconomic concerns and crypto-related problems contributed to this crash. The unpredictability of the impending US presidential elections also exacerbated the unrest. Holders of cryptocurrency assets attempted to sell their holdings due to worries about possible changes to the regulatory environment and the possibility of an unclear future for the sector in the US.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
