Net inflow on Binance, the world’s largest cryptocurrency exchange hit astronomical heights of $1.2 billion in 24 hours following massive sell-offs brought about by Monday’s market crash.
The volume of inflow on Binance marks the highest net inflow day this year according to Richard Teng, the CEO of Binance.
Richard Teng quoted data from Defi Llama on the volume of inflows on Binance while attributing the feat to rising investor confidence.
He shared his observation on his X page where he commands over 300,000 followers.
“ Amid the macroeconomic climate and yesterday’s market downturn, #Binance recorded a net inflow of US$1.2 billion in the past 24 hours, according to @DefiLlama‘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. We are now witnessing a rebound in major token prices, with current market trends validating this.” Richard tweeted.
Since the market crash, Bitcoin and Ethereum have recovered significantly to trade at $55,131 and $2,460 respectively.
Analysts Predict Bitcoin to Get Back to $60,000
Anton Toroptsev, the CIS region Marketing Director of the crypto exchange platform Bitget stated that Bitcoin could surge back to $60,000 before the end of the week
Anton said that “by the middle of this week,” BTC prices “may return to $58,000.” He added that “by the end of the week,” Bitcoin would be back to $60k, or already trading “above” this key threshold.
Robinhood Buckles under Trading Frenzy
Binance, the world’s largest crypto exchange witnessed a net inflow of $1.2 billion following the trading frenzy brought around by the market crash on Monday.
Some trading platforms could not handle the traffic caused by the selling frenzy. Brokerage firm Robinhood announced a temporary suspension of its overnight trading services due to execution issues.
“ 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 approx. 8 PM ET will be routed for execution starting at approx. 4 AM ET tomorrow. You may cancel your order at any time, and can still place an order for another trading session.” Robinhood tweeted.
Robinhood is a US-based brokerage firm that supports the trading of all kinds of crypto assets.
What to Know
- The selling frenzy which led to Binance recording over $1.2 billion in net inflows was a result of Monday’s market crash. The crypto market crash was caused by certain crypto-related and macroeconomic factors.
- The uncertainty surrounding the US presidential elections also played a subtle role in the crash as crypto asset holders look to withdraw their assets ahead of an uncertain future for the industry in the country.
