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Binance Open Interest Break New Record, BNB Price To Rally? Coingape 06 Nov 2024

Binance Open Interest Break New Record, BNB Price To Rally? 📈

Donald Trump USA Bitcoin BNB Binance

Binance cryptocurrency exchange has reached a new record in open interest, exceeding $8.3 billion in crypto derivatives. This monumental surge aligns closely with a significant increase in Bitcoin prices, which have recently hit all-time highs, particularly after Donald Trump’s victory in the U.S. presidential election.

Blockchain analyst Burak Kesmeci has highlighted that Binance currently holds 35% of the market in this space. This increased open interest could potentially lead to a substantial rally in Binance Coin’s (BNB) prices, reflecting the exchange’s dominant position and the growing interest in cryptocurrency derivatives trading.

Source: coingape.com ↗

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