Binance experienced a record-breaking $1.2 billion in inflows within a 24-hour period.
On 6 August 2024, Binance CEO Richard Teng took to social media to make the announcement. “Amid the macroeconomic climate and yesterday’s market downturn, Binance recorded a net inflow of US$1.2 billion in the past 24 hours,” he said.
“This marks one of the highest net inflow days of 2024, indicating strong investor confidence,” Teng added.
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
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Rebound In Major Token Prices, Increased Demand For BNB
During the recent market volatility, Bitcoin and top coins fell hard. To quantify, Bitcoin was down 25% in the last trading week while Ethereum and Solana were worse, posting 31% and 37% losses.
Recent sharp drops in crypto and equity prices are influenced by macroeconomic factors, according to Teng. “We do NOT believe it’s indicative of a long-term negative trend. With potential Fed rate cuts and geopolitical volatility, there’s still significant potential for market fluctuations.
The record $1.2 billion inflows into Binance within 24 hours is a significant event with far-reaching implications for Binance Coin (BNB).
“Yesterday also, we saw one of the highest trading volumes on Binance year-to-date,” Teng said. “We are now witnessing a rebound in major token prices, with current market trends validating this.”
Increased demand for BNB, enhanced utility, and potential price volatility are key considerations for investors.
Binance’s Recent Regulatory Issues
Recently, Indian regulatory authorities issued a show cause notice to the world’s largest crypto exchange, demanding a Goods and Services Tax (GST) payment of $86 million, on 6 August 2024.
Read more: Binance Faces $86 Million Unpaid Tax Notice In India, Challenges It
Binance allegedly failed to pay the GST tax, after collecting said tax from its Indian customers. “Binance reportedly earned at least Rs 4,000 crore from transaction fees charged to Indian customers,” local media reported.
Meanwhile, Binance is ready to challenge the $86 million tax showcause notice.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
