Rival Exchanges Gain Market Share Amidst Binance Settlement
The post Rival Exchanges Gain Market Share Amidst Binance Settlement appeared on BitcoinEthereumNews.com.
Binance and the US DoJ settled anti-money laundering claims to the tune of $4.3 billion. Binance continues to dominate in terms of liquidity for both Bitcoin and altcoins. An on-chain data analytics company Kaiko Research observed a spike in Coinbase’s market share after Binance reached a massive multi-billion-dollar settlement with US authorities last week. Binance and the US DoJ settled anti-money laundering claims to the tune of $4.3 billion on November 21. According to research company Kaiko Research, competing cryptocurrency exchanges have seen a rise in market share as a result of the legal problems. An increase in Coinbase’s trading volume throughout the European trading day, outside of the typical United States trading hours, was shown in a recent report provided by the business. At the same time, Bybit reportedly experiences major shifts all day long. According to the research, Bybit is clearly the victor right now, with a 20% increase in growth in 16 of the 24 hours and an hourly increase in market share of 1%. Investors Optimistic Though it has been the subject of legal disputes, Binance allegedly maintained its liquidity across all cryptocurrencies. According to the research, Binance continues to dominate in terms of liquidity for both Bitcoin and altcoins, even if Coinbase’s volume share is on the rise. At the same time, there are prominent figures in the crypto sector who think that the crypto community as a whole would benefit from Binance’s settlement with the DoJ. Moreover, following Binance’s legal issues, Coinbase shares reportedly reached an 18-month high. Even Mike Novogratz of Galaxy Digital thinks the whole cryptocurrency sector is benefiting from the latest legal action against Binance. Even the price of Bitcoin and altcoins have witnessed positive momentum post the recent settlement with BTC closing in on the $40,000 threshold. Highlighted Crypto News…
Filed under: News - @ December 4, 2023 1:10 am