In the middle of market chaos, Binanace managed to stay stable and keep its investors’ confidence up. According to the crypto exchange, Binance had a net influx of US$1.2 billion in the last 24 hours despite the macroeconomic environment and market decline.
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…
— Richard Teng (@_RichardTeng) August 6, 2024
This was one of the days with the largest net inflows for 2024, a sign of great investor optimism. Yesterday, Binance also saw one of the biggest trade volumes of the year. Major token values are currently rising, and the state of the market confirms this.
Binance’s rise occurs amid market decline
Binance’s inflow victory came after a bigger market sell-off that started last week hurt sentiments. Unexpectedly poor July jobs data fueled investors’ worries of a recession, and the tech-heavy Nasdaq Composite experienced a fall.
In addition, after falling more than 12% the night before and entering a bear market, the Japanese stock market saw its largest one-day sell-off on Monday since 1987.
The worst day for Japanese bank equities since 2008 was August 2, when the central bank decided to raise interest rates. This sharp decline in prices, which erased about $500 billion from the whole value of the cryptocurrency market in just three days, was the largest loss in less than a year.
Why do investors have more confidence in Binance?
Over the years, Binance has proved to be a trustworthy and ever-evolving crypto exchange. Its newest addition, BitBot, is receiving more attention in the cryptocurrency community and market participants.
With the successful completion of one of the most successful token sales of the year, BitBot raised almost $6 million.
By providing users with the best trading signals to improve their Bitcoin trading techniques, BitBot hopes to become the Telegram trading bot competition leader.
However, Binance has been under some criticism after its latest data release. The largest cryptocurrency exchange, Binance, has published its proof of reserve report amidst these challenging times. According to the study, Shiba Inu holdings have decreased by 0.27%. Although this may appear to be a slight dip, investors and fans of meme coins are concerned.
According to information obtained in June, Binance possessed 62.96 trillion Shiba Inu tokens in reserve. This is currently down to 62.79 trillion tokens. A 0.27% decline may not seem like much, but it’s part of a larger trend. Binance had over 64.8 trillion SHIB tokens as of June. Thus, the SHIB reserves decreased by 3% in just two months. This decline is noteworthy and must be taken seriously.
