After the U.S. election, the 'Trump market' continues to thrive, with Bitcoin breaking the $89,000 mark this morning. Leading cryptocurrency exchange Binance stated that the platform has seen capital inflows exceeding $1 billion for two consecutive weeks, and since entering November, net capital inflows have reached $5 billion, equivalent to five times that of the second-largest platform, further solidifying Binance's position as the 'preferred platform for cryptocurrency.'
Market sentiment in the U.S. has surged after the elections, and cryptocurrency trading heat has skyrocketed. Binance stated that on November 6 alone, the visits to the Binance App exceeded 13 million. Benefiting from the excitement, Binance users' asset holdings have reached $130 billion, the largest scale since Binance launched its Proof of Reserves (PoR) two years ago.
According to a report by CryptoQuant, Binance's reserve ratio (indicating the proportion of Binance's reserves to global exchange reserves) soared to 25% in November, an increase of 4% from 21% in the same period last year, showing that a large number of users trust Binance as their preferred asset management choice.
Binance users' participation has surged, reflecting broader market trends. Over the past week, the price of Bitcoin (BTC) has risen by more than 29%, and Ethereum (ETH) has skyrocketed by 37%, highlighting the undeniable position of crypto assets in the modern financial system.
Binance CEO Richard Teng stated, "During this period of continuously breaking price records, Binance recorded a capital inflow of $1 billion for two consecutive weeks and an increase in reserve ratio. This capital wave is a testament to Binance's strength and reflects the rapid growth of digital asset acceptance globally. We have witnessed deep trust from 240 million users in Binance."
Richard Teng added that major political events such as the U.S. elections have propelled cryptocurrency into the spotlight, showcasing its potential in shaping future finance and policies.
We are indeed witnessing a golden age of cryptocurrency, with its potential being embraced and realized globally.
Looking ahead, Binance stated that it will continue to commit to providing a secure and transparent cryptocurrency ecosystem to meet the needs of global users, leading the cryptocurrency world towards a broader future.
"The cryptocurrency market is rolling in money! Binance's net inflow in November broke $5 billion" was first published on (BlockKey).
