Signs are showing that the severe crash of FTX last month has benefited other major crypto trading platforms, at least in the short term.
According to The Information, one example is the stock and crypto trading app Robinhood, which reported November trading figures on Wednesday. Most of the data it reports is similar to the October figures, with the total number of funded accounts growing by just 40,000 accounts to 23 million and equity trading volume down slightly from the previous month. But its crypto trading volume increased 60% to $5.7 billion.
As updated in an earlier Coincu News article, on December 6th, Kaiko, a crypto data company, pointed out that due to the FTX crash, the trading volume of crypto exchanges majors grew 23% in November, with Binance trading activity up 30% in November.
This proves that the collapse of FTX not only brought most of the difficulties to the market, it also brought an opportunity for other crypto exchanges to attract customers from FTX. However, now exchanges also need to have strategies to rebuild trust with investors in the market, which can be difficult and requires a lot of effort.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Foxy
Coincu News
Bitcoin Spot ETF Inflows have reached $510 million as of November 13, marking six consecutive…
Solana DEX trading volume reached historic highs, exceeding $5 billion daily for three days. Raydium…
Phantom iOS users are warned that a recent app update caused some users to log…
Japanese crypto exchange Coincheck is set to become the first Japanese crypto exchange to list…
The US DOJ investigates Polymarket for Alleged Illegal US User Bets Polymarket, for allegedly permitting…
Ethereum’s ICO was priced at around $0.30 per token, and today, it’s valued in the…
This website uses cookies.