Binance cryptocurrency exchange broke a new record in open interest, surpassing $8.3 billion in crypto derivatives. This increase, Bitcoin 
$73,968 It parallels the sharp rise in prices. Following Donald Trump’s victory in the US presidential elections, Bitcoin reached a historic peak.
Volume Rising
According to CryptoQuant data, Binance’s open positions in crypto derivatives increased by 10.24% in 24 hours, reaching $8.3 billion. This figure increased the share of Binance exchange in open positions in global crypto futures to 35%.
Bitcoin’s new all-time high price of $76,000 has caused the liquidation of open positions on major exchanges. While liquidated short positions exceeded 370 million dollars, the total liquidation volume reached approximately 580 million dollars.
BNB Price Predictions
Record levels in Binance open positions indicate that the BNB price also has the potential to rise. The “cup handle” formation seen on BNB charts recently may be a harbinger of an upward break in the price. Analysts state that the $700 level is an important resistance point for BNB, and this level can be exceeded if the current trend continues.
In the last 24 hours, BNB price increased by 4.6% and reached $588. Transaction volume increased by 46.55% to $2.26 billion, and BNB’s market value exceeded $84.12 billion.
These developments show that while Binance increases its influence in the market, the general crypto market is also gaining momentum. At the time of writing, the Bitcoin price rose to $76,400, pushing its all-time record price even higher. BTC, which escaped from the narrow range with the election of Trump, may soon reach the $ 80,000 limit.
As a result, the record increase in Binance’s open positions could have positive effects on both the BNB price and the overall crypto market. Investors should closely monitor future trends as Binance market share expands.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
