Richard

2024

Overnight

DeFi

<a href="https://bitcoinworld.co.in/binance-records-net-inflow-of-1-2b-in-24-hours-amid-market-volatility/" title="Binance Records Net Inflow Of $1.2B In 24 Hours Amid Market Volatility" rel="nofollow"></a>
<a href="https://bitcoinworld.co.in/binance-hit-with-87-million-tax-bill-in-india/">Binance</a>, the largest cryptocurrency exchange in the world, recorded a net inflow of $1.2B in the past 24 hours, marking one of the highest net inflow days this year, said the CEO of Binance Richard Teng <a href="https://twitter.com/_RichardTeng/status/1820792517069332991">quoting</a> data from DeFi Llama.&nbsp; 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 Amid the macroeconomic climate and yesterday's market downturn, <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw">#Binance</a> recorded a net inflow of US$1.2 billion in the past 24 hours, according to <a href="https://twitter.com/DefiLlama?ref_src=twsrc%5Etfw">@DefiLlama</a>'s CEX Transparency metrics. 
 This marks one of the highest net inflow days of 2024, indicating strong investor… 
 — Richard Teng (@_RichardTeng) <a href="https://twitter.com/_RichardTeng/status/1820792517069332991?ref_src=twsrc%5Etfw">August 6, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
The huge inflows indicate strong investor confidence, notes Teng. 
Since the new low, Bitcoin has been recovering slowly to around the $55,000 mark around midday (UTC) on August 6. At press time on August 7, Bitcoin is trading at $56,700. 
<h3 id="span-style-font-weight-400-bitcoin-could-be-back-to-60k-span">Bitcoin Could Be Back to $60k</h3> 
As the trading frenzy continues, Bitcoin prices could be back to above $60,000 by the end of the week, notes Anton Toroptsev, the CIS region Marketing Director of the crypto exchange platform Bitget, stating Bitcoin’s next “rebound” could prove as “rapid” as its recent fall. 
Toroptsev 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. 
<h3 id="span-style-font-weight-400-what-triggered-btc-decline-span">What Triggered BTC Decline?</h3> 
CryptoQuant notes the price of Bitcoin declined sharply in the context of macro headwinds and a sell-off in financial markets. Bitcoin touched $49,000, the lowest level since February 14. 
In its weekly research note, analysts at CryptoQuant note that over the last few weeks, some macro developments have impacted market sentiment negatively: higher interest rates in Japan, worst-than-expected unemployment data in the U.S. as well as the turmoil in the Middle East and the U.K. riots. 
The factors have seen market sentiment switch with traders in the crypto futures markets aggressively closing long positions and sellers dominating. 
<h3 id="span-style-font-weight-400-robinhood-halts-overnight-trading-span">Robinhood Halts Overnight Trading</h3> 
Not all crypto trading venues were able to handle the trading frenzy during the sell-off. Brokerage firm Robinhood announced a temporary suspension of its overnight trading services due to issues with its execution venue. 
In a recent <a href="https://twitter.com/AskRobinhood/status/1820600734259519577">post</a> on X, the company cited problems with Blue Ocean ATS, the third-party firm that handles round-the-clock trading for Robinhood, as the reason behind the decision. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 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… 
 — Robinhood Help (@AskRobinhood) <a href="https://twitter.com/AskRobinhood/status/1820600734259519577?ref_src=twsrc%5Etfw">August 5, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

Binance Records Net Inflow Of $1.2B In 24 Hours Amid Market Volatility

Table of Contents

ItsBitcoinWorld

Other articles published on Aug 7, 2024

Musk Sparks Crypto Interest with Tweet

Cryptocurrency Wrapped eETH Falls More Than 4% In 24 hours

Ark Invest Buys More Of HOOD And COIN As Market Rebounds

Brandt’s Analogy: How Bitcoin’s Fall Resembles 2016 Episode and What It Portends for BTC Valuation

CoinDCX Launches $6M Investor Protection Fund in Response to WazirX Hack

Weekly Article Recap: 7/22-7/26

Join our free newsletter for daily crypto updates!