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The post <a rel="nofollow" href="https://coinpedia.org/news/binances-spot-market-share-falls-to-34-a-closer-look/">Binance Exchange Spot Market Share Falls to 34%: A Closer Look</a> appeared first on <a rel="nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a> 
Binance, once the dominant force in the cryptocurrency exchange space, has experienced a seven-month decline in its spot market share, which now stands at just 34%, according to CCData, as reported by <a href="https://www.bloomberg.com/news/articles/2023-10-05/binance-s-spot-crypto-market-share-shrinks-for-a-seventh-consecutive-month?utm_source=website&amp;utm_medium=share&amp;utm_campaign=twitter">Bloomberg</a>.&nbsp; 
Since August, Binance has seen withdrawals totaling around $12,230 BTC, or $330 million, and around 198,200 Ethereum (ETH), or $323 million. Bitcoin constitutes nearly half the $1 trillion crypto industry, while Ether accounts for about 20%. 
However, as per K33 research, Binance’s trading volumes have also plummeted, with a 57% decline in the 7-day average trading volume for Bitcoin since the beginning of September. In contrast, other exchanges, including U.S.-based Coinbase, have maintained more stable volumes, with Coinbase experiencing a 9% increase over the same period.&nbsp; 
<h2 class="wp-block-heading" id="h-factors-behind-binance-s-decline">Factors Behind Binance’s Decline</h2> 
Several factors have contributed to this decline. Binance’s move to offer zero-fee trading for major cryptocurrencies like Bitcoin and Ethereum to attract more users and boost trading volumes initially helped the exchange. However, it has since lost its appeal as these promotions ended. This shift has led some users to explore alternative platforms. 
Binance’s Legal portions have further exacerbated Binance’s troubles. The CEO, Changpeng Zhao (CZ), faces potential criminal charges from the U.S. Justice Department, and the company has witnessed high-profile executive departures and significant layoffs, causing concerns about its future market position.&nbsp; 
<h2 class="wp-block-heading" id="strong-cryptocurrency-market-s-future-trajectory-strong">Cryptocurrency Market’s Future Trajectory</h2> 
But not all are against Binance; recently, Changpeng Zhao’s optimistic statements about the success of his Initial Coin Offering (ICO) garnered positive attention. The tokens, initially valued at 15 cents each, are now trading at $213, having reached as high as $675 in 2021. 
Currently, the BNB coin ranks as the fourth-most valuable digital asset globally, with a market worth of $33 billion. According to Forbes, Zhao’s net worth is estimated at $10 billion, but this calculation is based on the value of his business interests. It does not include the substantial amount of BNB he likely controls.&nbsp; 
So we can say Binance is still in the race despite a 0.87% drop in trading volume; Binance leads with $188.20 billion and 50.79% market share. Whereas the top 8 platforms controlled 91.7% of market depth and 89.5% of trading volume. 
Still, cryptocurrency-related happenings will determine the crypto market’s future growth trajectory. The market has become dominated by news of the introduction of bitcoin ETFs and the selling pressure of insolvent corporations and the US government.&nbsp;

Binance Exchange Spot Market Share Falls to 34%: A Closer Look

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