The post Coinbase market share surges outside US trading hours appeared on BitcoinEthereumNews.com.

In recent developments within the cryptocurrency exchange landscape, Bybit and Coinbase have experienced noteworthy shifts in their market shares. The aftermath of Binance’s $4.3 billion settlement with the United States Department of Justice (DoJ) has triggered a ripple effect across the industry. Coinbase’s market share makes a staggering leap Following the resolution of legal challenges between Binance and US regulators, research from Kaiko reveals a surge in Coinbase’s market share. The report notes that Coinbase witnessed increased trading volume, particularly during European trading hours and outside the regular US trading window (14-22 UTC). This suggests a strategic growth pattern for Coinbase during specific global market times. Conversely, Bybit has exhibited a consistent rise in market share throughout the day. Kaiko’s research highlights Bybit’s impressive performance, with the exchange gaining market share at every hourly interval. Notably, Bybit’s growth surpassed 20% in 16 out of 24 hours, signifying a robust and sustained increase in trading activity. Despite Binance’s legal challenges, the exchange has maintained liquidity leadership across various cryptocurrencies. The report emphasizes that Binance remains the primary liquidity provider for both Bitcoin (BTC) and altcoins. This resilience in liquidity suggests that, despite legal setbacks, Binance continues to uphold a strong position within the cryptocurrency market. Industry leaders, including Mike Novogratz of Galaxy Digital, perceive Binance’s settlement with the DoJ as a positive development for the broader crypto community. Novogratz suggests that Binance’s resolution reduces uncertainties associated with dealing with the exchange, alleviating concerns that may have existed before the settlement. This sentiment reflects a belief that the legal clarity achieved by Binance benefits the overall stability and perception of the cryptocurrency industry. Bybit’s market shares makes a strong surge Recent market dynamics have also influenced the stock performance of Coinbase. In the aftermath of Binance’s legal issues, Coinbase’s shares reached an…

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Filed under: News - @ December 3, 2023 6:54 pm