2024-8-7 21:16 |
Binance, the world’s largest cryptocurrency exchange, has reported an impressive $1.2 billion in net inflows over the past 24 hours, according to DeFiLlama’s CEX Transparency metrics.
This substantial influx of capital comes amid broader market volatility and is significantly higher than the inflows seen by major competitors such as OKX and Bybit.
The influx reflects a strong vote of confidence from users, even as the cryptocurrency market experiences fluctuations.
The overall development surrounding the crypto market is going to benefit Bitbot, a new Telegram-based trading application that has gained significant traction.
Robust investor confidenceThe recent surge in net inflows is a positive development for Binance’s new CEO, Richard Teng.
Teng, who assumed leadership after founder Changpeng Zhao’s departure and a significant multibillion-dollar US penalty for regulatory violations, views the capital inflow as a sign of robust investor confidence.
Teng commented, “This marks one of the highest net inflow days of 2024. Despite facing substantial market downturns in recent hours, this influx suggests that investors are seizing opportunities to buy at lower prices when they believe it is advantageous.”
Teng also highlighted that Binance saw a notable rebound in major token prices and one of the highest trading volumes of the year on the day prior.
“The current market trends support this observation,” Teng added.
In January, Binance attracted $3.5 billion in inflows, just two months after its parent company admitted guilt to crimes such as money laundering and sanctions evasion.
Remarkably, Binance paid a $4.3 billion Department of Justice fine without liquidating any crypto assets.
However, Teng’s tenure is not without challenges.
He must oversee the establishment of Binance’s global headquarters, appoint a new board, and ensure the appointment of an independent monitor for three years.
Additionally, Binance still lacks complete licenses in key crypto markets, and its US affiliate is grappling with a lawsuit from the SEC.
Rising interest in BitBot amid Binance developmentsAs Binance navigates these hurdles, attention in the crypto community is shifting to BitBot.
BitBot recently completed one of the year’s most successful token sales, raising over $6 million.
The platform is set to launch soon and is expected to drive growth in the trading sector with its advanced technological and AI features.
BitBot aims to become a leading player among Telegram trading bots by offering users top trading signals to enhance their cryptocurrency trading strategies.
Its launch comes at a time when Telegram mini-apps are booming. Noteworthy examples include Hamster Kombat, which has attracted over 232 million users globally, and Notcoin, which boasts a $1.6 billion market cap. TapSwap has also made waves with over 60 million users.
Analysts predict that Telegram could be the source of the next big applications in both the crypto and tech sectors. If these predictions hold, BitBot is well-positioned to emerge as a significant player in the industry.
For more information on BitBot, click here.
The post Binance attracts $1.2 billion in net inflows despite market turbulence: Will it help BitBot? appeared first on Invezz
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