Binance Records Net Inflow of $1.2 Billion in 24 Hours

August 7, 2024 William Ross Cryptocurrency News, Stock Market 0

Binance Records Net Inflow of $1.2B in 24 Hours

Cryptocurrency exchange Binance experienced a remarkable net inflow of $1.2 billion in the past 24 hours, marking one of the highest net inflow days of 2024. Despite market volatility and a sharp fall in cryptocurrency prices, investor confidence remains strong. Binance CEO Richard Teng emphasized this positive trend, citing data from DeFiLlama’s centralized exchange transparency dashboard.

The inflows into Binance primarily consist of trading activity, transfers from external wallets, and fiat deposits used to purchase cryptocurrencies. Notably, Binance’s net inflows increased by more than $2.2 billion over the last 24 hours, reaching $101.2 billion. Other major exchanges, including ByBit, Crypto.com, and OKX, also saw substantial inflows during this period according to Coin Telegraph.

While Bitcoin and Ether experienced short-term declines, Binance remains optimistic about the long-term potential of digital assets. Binance Australia and New Zealand’s General Manager, Ben Rose, expects further market fluctuations due to potential United States Federal Reserve interest rate cuts and political uncertainties.

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Despite challenges, the crypto market continues to demonstrate resilience and recovery. Bitcoin has partially rebounded since its recent low, reaching $56,770.

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William Ross
About William Ross 327 Articles
I am a cryptocurrency enthusiast and writer with over five years of experience in the industry. I have been following the development and innovation of Bitcoin and Ethereum since their inception, and I enjoy sharing my insights and analysis with readers. I have written for various reputable platforms, such as CoinDesk, Cointelegraph, and Decrypt, covering topics such as market trends, regulation, security, and adoption. I believe that cryptocurrency is the future of finance and technology, and I am passionate about educating and informing people about its benefits and challenges.

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