Market Turmoil following Binance News
Following the news of Binance CEO’s departure and the settlement with the U.S. Department of Justice (DOJ), the market experienced significant turmoil. Within the last 24 hours, $175 million worth of crypto longs were liquidated, while $51 million in short positions were purged. This led to a total of over $226 million in liquidated crypto assets, impacting 92,742 traders. The largest order was on Bybit’s BTC/USD pair, with about $2.35 million being liquidated.
Impact on Binance Exchange
Aside from the market liquidations, Binance exchange saw a significant impact on the flow of crypto assets. According to data aggregator DefiLlama, Binance’s exchange asset inflows decreased by over $1 billion within the last 24 hours as some traders halted their deposits into the exchange. The turmoil also affected Binance’s BNB token, which initially rallied to a five-month high of $271.9 but dropped to $237 after news of the DOJ settlement emerged.
Hot Take
The events surrounding Binance and its CEO CZ, along with the DOJ settlement, have not only led to market turmoil and massive liquidations but also affected the flow of assets within the Binance exchange. The news had a direct impact on the BNB token’s price, highlighting the sensitivity of the market to significant developments in the crypto space.
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