Key Points:
While Binance seems to be losing 16% of the spot volume market, it has only lost 2% of the perpetual futures trading volume market. The exchange, however, remains the biggest in the world, with a 54% market share.
Hence, Kaiko observes that the termination of zero-fee spot trading, rather than regulatory action, was the primary cause for Binance losing market share.
While most of the recent movement on the Korean exchange is centered on XRP trade pairings, Upbit is the only exchange out of 17 assessed to claim a large percentage of volume.
Over the first quarter, Coinbase’s market share fell from a weekly average of 60% to 49%. Despite a lawsuit against the worldwide corporation, Binance.US has mostly picked up the slack. Its market share has more than quadrupled from 8% to more than 24%.
On Monday, April 3, a rumor spread in the crypto market claiming Binance CEO Changpeng Zhao was the subject of an Interpol Red Notice, according to a tweet from @cobie, which was widely followed by the crypto community.
This rumor was enough to cause tremors across the crypto industry, with BNB Coin and BTC seeing quick corrections.
@cobie’s tweet, on the other hand, was an encrypted message using the SHA-256 hash algorithm, the same encryption used to safeguard other digital assets such as Bitcoin. The CEO immediately rejected the event.
Binance and CZ, on the other hand, have lately been embroiled in legal issues. But, Binance is not alone in feeling the heat. In recent weeks, other big rivals, like Coinbase, have faced similar regulatory action.
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.
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Harold
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