Binance, the cryptocurrency exchange, has broken a new record in open positions, surpassing $8.3 billion in crypto derivatives. This surge correlates with a sharp rise in Bitcoin 
$75,519 prices, which reached historic heights following Donald Trump’s victory in the US presidential elections.
Volume Increases
According to CryptoQuant data, open positions in Binance’s crypto derivatives increased by 10.24% within 24 hours, reaching $8.3 billion. This figure represents a 35% share of Binance’s global crypto futures open positions.
Bitcoin’s new all-time high of $76,000 led to liquidations of open positions on major exchanges. Liquidated short positions exceeded $370 million, with total liquidation volume approaching $580 million.
BNB Price Predictions
The record levels of open positions on Binance indicate potential for rising BNB prices. The recent “cup and handle” formation observed in BNB charts might signal an upward breakout. Analysts suggest that $700 is a crucial resistance point for BNB, which could be surpassed if the current trend continues.
In the last 24 hours, the BNB price increased by 4.6%, reaching $588. Trading volume rose by 46.55% to $2.26 billion, and BNB’s market capitalization exceeded $84.12 billion.
These developments signify Binance’s growing influence in the market, reflecting increased activity in the overall cryptocurrency space. As of the article’s preparation, Bitcoin prices surged to $76,400, pushing the all-time record even higher. With Trump’s election, BTC, previously constrained, may soon approach the $80,000 threshold.
In conclusion, the record rise in Binance’s open positions could positively impact both BNB prices and the broader crypto market. Traders should closely monitor emerging trends as Binance expands its market share.
