Binance, the world’s largest cryptocurrency exchange, saw a net inflow of $1.2 billion in just 24 hours following massive sell-offs due to Monday’s market crash. This inflow is the highest recorded in a single day this year, according to Binance CEO Richard Teng.
Richard Teng, CEO of Binance, cited data from Defi Llama showing the large inflows on the exchange, attributing this to growing investor confidence. He shared this observation with his over 300,000 followers on his X page.
Binance Records Significant Net Inflow Amid Market Downturn
Amid the macroeconomic climate and yesterday’s market downturn, Binance recorded a net inflow of $1.2 billion in the past 24 hours, according to Defi Llama’s CEX Transparency metrics. This marks one of the highest net inflow days of 2024, indicating strong investor confidence.
Yesterday also saw one of the highest trading volumes on Binance year-to-date. Major token prices are now rebounding, with current market trends validating this positive shift.
Since the market crash, Bitcoin and Ethereum have recovered significantly, trading at $55,131 and $2,460 respectively.
Bitget’s Anton Toroptsev Predicts Bitcoin Could Reach $60,000 This Week
Anton Toroptsev, the CIS Region Marketing Director at Bitget, has forecasted that Bitcoin might surge back to $60,000 before the end of the week.
Toroptsev stated that BTC prices could return to $58,000 by the middle of the week. He further predicted that by the end of the week, Bitcoin could reach or surpass the $60,000 mark.
Binance Sees $1.2B Inflow; Robinhood Halts Overnight Trading
Binance, the world’s largest cryptocurrency exchange, experienced a significant net inflow of $1.2 billion following the trading frenzy triggered by Monday’s market crash.
The intense market activity led to some trading platforms struggling to handle the traffic. Brokerage firm Robinhood announced a temporary suspension of its overnight trading services due to execution issues.
Robinhood tweeted: “Robinhood 24 Hour Market’s execution venue, Blue Ocean ATS (BOATs), has suspended overnight trading for tonight. 24-Hour Market orders that are open as of approximately 8 PM ET will be routed for execution starting at approximately 4 AM ET tomorrow. You may cancel your order at any time and can still place an order for another trading session.” Robinhood, a US-based brokerage firm, supports the trading of various crypto assets.
In Summary
The recent market crash prompted a significant influx of over $1.2 billion into Binance, driven by a widespread selling frenzy. This crash was influenced by a mix of crypto-related issues and broader macroeconomic factors. Additionally, the uncertainty surrounding the upcoming US presidential elections contributed to the turmoil. Crypto asset holders, concerned about potential changes in the regulatory landscape, sought to withdraw their assets in anticipation of an unpredictable future for the industry in the United States.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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