Binance sees $7 billion inflow after US elections amid crypto rally

Share This Post

Binance revealed that it has seen billion-dollar inflows following the just-concluded US elections, according to a Nov. 12 report shared with CryptoSlate.

Since the Nov. 5 election that former President Donald Trump won, DeFiLlama data reveals that inflows into Binance have surpassed $7 billion. The inflow volume significantly outpaced its nearest competitor, OKX, which recorded around $1 billion in inflows during the same period.

This surge has led to a rise in assets held on the platform, with Binance users’ total holdings now reaching $140 billion. This figure marks the highest level of assets on the exchange since it began disclosing Proof of Reserves two years ago.

CryptoQuant data highlights that Binance’s reserve percentage share has also climbed, reaching a high of 25%. This percentage indicates Binance’s proportion of reserves compared to all other exchanges. Currently, Coinbase only has a higher reserve percentage of 33%.

If Binance maintains this growth trajectory, it could soon challenge Coinbase to get the top spot in exchange reserves.

The exchange also noted a sharp increase in user engagement following the recent elections. On Nov. 6, Binance reported a daily peak of over 13 million app visits, correlating with heightened post-election interest.

Why Binance numbers improved

Binance attributed this growth to its strong position as a preferred trading platform amid rising demand for digital assets.

Moreover, the heightened activity mirrors the broader market trend, with Bitcoin and Ethereum prices jumping by around 20% and 30% to new highs, respectively. Market observers have suggested that this rally was sparked by optimism surrounding Trump’s victory at the polls.

Binance CEO Richard Teng said these milestones reflect the growing mainstream acceptance of digital assets. He further noted that the discussions surrounding crypto during the US election demonstrate the sector’s increasing relevance to the broader economic system.

He stated:

“Truly, we are witnessing the golden era of crypto, where its potential is being realized and embraced globally,”

The Teng-led firm is the largest crypto trading platform, controlling more than 40% of the market. Over the past years, the platform has faced increased regulatory scrutiny across multiple jurisdictions, including the United States, Nigeria, and India.

The post Binance sees $7 billion inflow after US elections amid crypto rally appeared first on CryptoSlate.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Bitcoin Price Prediction 2024, 2025 – 2030: BTC Price To Rally To $100k This Week?

The post Bitcoin Price Prediction 2024, 2025 – 2030: BTC Price To Rally To $100k This Week appeared first on Coinpedia Fintech News Story Highlights The live price of the Bitcoin token is

XRP Price Prediction: Will the Surge Continue After Hitting 24.78% Growth?

The post XRP Price Prediction: Will the Surge Continue After Hitting 2478% Growth appeared first on Coinpedia Fintech News In the last seven days, the XRP market has reported an impressive growth of

LIVE Crypto Prices (Nov 14th, 2024): Bitcoin Price Hits $93k | PNUT Memecoin Up 150%!

The post LIVE Crypto Prices (Nov 14th, 2024): Bitcoin Price Hits $93k | PNUT Memecoin Up 150%! appeared first on Coinpedia Fintech News The crypto market has been riding a positive wave since the

Bitcoin Mining Company Mara Holdings Now Holds 26,747 Bitcoin: Q3 Earnings Report Reveals

Mara Holdings continues to grow its bitcoin bag despite lower than projected Q3 earnings Digital Assets Remain Key for Mara Holdings Mara Holdings’ earnings report revealed the company added

BlackRock Expands Crypto Reach: BUIDL Fund Goes Multi-Chain Across These 5 Blockchainsc

Crypto ETF issuer and asset manager BlackRock announced on Wednesday the expansion of its USD Institutional Digital Liquidity Fund (BUIDL) to include five new blockchain ecosystems: Aptos, Arbitrum,

Coincheck to Become First Japanese Crypto Exchange Listed on Nasdaq

The post Coincheck to Become First Japanese Crypto Exchange Listed on Nasdaq appeared first on Coinpedia Fintech News Coincheck, a Tokyo-based cryptocurrency exchange and subsidiary of Monex Group,