Binance Stablecoin Deposits Surge Amid Bitcoin Sell-Off

Binance exchange is witnessing a surge in stablecoin deposits, reaching over $1.65 billion, as traders prepare to buy more cryptocurrencies following recent market sell-offs. This trend is particularly noteworthy given the significant decline of Bitcoin, which has dropped below $111,000 after being hit by a wave of whale liquidations and heavy trading activity. Ethereum’s price also slipped from its record high despite positive sentiment surrounding potential Fed rate cuts.