Hakan Ateşler 
Binance CEO Richard Teng, who stated in his tweet yesterday that he did not think the market declines would be long-term, gave information about the stock market today. Stating that they saw a net inflow of $1.2 billion just yesterday, Teng said, “Binance recorded a net inflow of US$1.2 billion in the past 24 hours. This marks one of the highest net inflow days of 2024.”
Cryptocurrency funds completed last week with a net loss of $528 million. Bitcoin funds saw outflows of $400 million and Ether funds $146 million.
The panic in the financial markets yesterday caused the owners of large companies and the wealth of the rich to disappear billions of dollars in one day. Jeff Bezos, the owner of Amazon, lost $8 billion and Tesla CEO Elon Musk lost $6 billion in the declines on Monday.
Economists continue to debate whether the Fed will announce an interim interest rate cut. Two famous economists clearly expressed their opinions on this issue and criticised the Fed harshly. Financial analyst and author Robert Prechter said that he thinks the Fed will make an interim rate cut, while Muhammed El-Erian said, ‘This step would be a big mistake. They should wait until September and make the cut in September.”
While Japan’s interest rate hike and the threat of recession in the US put the world markets in a panic mood, Katie Stockton, founder of technical analysis research firm Fairlead Strategies, stated that the crisis could deepen further.
US presidential candidate Donald Trump’s support for Bitcoin and cryptocurrencies continues. In a recent interview, Trump criticised the current government for transferring Bitcoin after his speech in Nashville. Trump said, “It’s like AI. If we don’t do it, China is going to do it. We can’t be left behind.” he said.
Experienced analyst Peter Brandt does not think the declines in Bitcoin will be long-lasting. Evaluating the course in a tweet, Brandt likened the current period to the halving time in 2016.
Richard Teng, who took the CEO seat at Binance after Changpeng Zhao, said he thinks the declines in cryptocurrencies will not be long-term. Teng pointed to geopolitical mobility and Fed interest rate cuts.
Neiro’s meme coins, which were bought by the Japanese family after the death of the dog named Kabosu, who gave Dogecoin its name, continue to attract the attention of the crypto world. Finally, Vitalik Buterin sold 17 billion tokens sent to him and gave the project a cold shower. The token price fell 60% after Buterin’s sale and rallied 200%.
The declines seen in world markets since Friday accelerated on Monday. While cryptocurrencies also got their share of what happened, the US media writes that the Fed may decide to hold an ‘emergency meeting’ before September 18 and cut interest rates.