Amid the macroeconomic climate and Monday’s market downturn, World’s largest cryptocurrency exchange, 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.
Wednesday 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.
CEO of Binance, Richard Teng, 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.
Since the market crash, Bitcoin and Ethereum have recovered significantly, trading at $55,131 and $2,460 respectively.
The CIS Region Marketing Director at Bitget, Anton Toroptsev, 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.
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.
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.
