CandleFocus ERC-20 stablecoin users sent $9.3b to Binance, Coinbase
2024-11-07
Author: Content Editor
After the results of the 2024 U.S. presidential election, Ethereum stablecoin holders transferred billions of dollars to centralized exchanges such as Binance and Coinbase. Binance received $4.3 billion in deposits, while Coinbase received $3.4 billion, totaling $9.3 billion in ERC-20 stablecoin transfers. This influx of stablecoins historically signals bullish movements for cryptocurrencies and decentralized finance. The U.S. Treasury Department found that 80% of all crypto transactions in the past year involved fiat-pegged tokens, highlighting the popularity of stablecoin pairs. This post-election market rally has led to widespread bullish sentiment, with Bitcoin reaching a new all-time high of $76,243. Many altcoins and DeFi tokens also experienced price surges, and experts believe the market is poised for a continued uptrend heading into 2025.
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