Ethereum

April

Terra

<div class="textg" style="text-align: justify; font-weight: lighter; line-height: 1.3em; font-size: 15px; border-radius: 3px; color: #80909a; padding: 10px; background-color: #F4F6F9; margin-bottom: 15px;">
 Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our&nbsp;<a href="https://tokenist.com/terms-of-service/" style="text-decoration:underline;color:#3c7b7b" target="_blank" rel="noreferrer noopener" class="deco-link">website policy</a>&nbsp;prior to making financial decisions.
</div> 
<p class="has-drop-cap">Although still in its own category as a cryptocurrency exchange, Binance’s global market share suffered a -16% drop between March and April. However, despite the recent regulatory action against the exchange, its US affiliate Binance.US saw its volume triple over the same period. </p> 
<h3 id="binance-market-share-expectedly-shrunk-through-q1">Binance Market Share Expectedly Shrunk Through Q1</h3> 
<p>The erosion of trust in centralized institutions appears to be creeping beyond US banks and into crypto exchanges. As the JP Morgan of crypto exchanges, Binance withstood multiple FUD waves post-FTX crash. Although reserve-proofing is no longer&nbsp;in the public spotlight as it used to be, the latest <a href="https://tokenist.com/binance-fud-grows-as-experts-cry-operation-chokepoint-2-0/" rel="dofollow" class="deco-link">CFTC/China links drama</a> around Binance is taking its toll.</p> 
<p>Or is it? April’s Kaiko report shows that Binance’s global market share shrunk by -16% over the last two weeks, going from dominant 70% to borderline 54%.&nbsp;</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter size-large">
  <img decoding="async" width="1024" height="558" src="https://tokenist.com/wp-content/uploads/2023/04/0_ahkvYLxAgEj9TNt-2-1024x558.jpg" alt="" class="wp-image-147923" srcset="https://tokenist.com/wp-content/uploads/2023/04/0_ahkvYLxAgEj9TNt-2-1024x558.jpg 1024w, https://tokenist.com/wp-content/uploads/2023/04/0_ahkvYLxAgEj9TNt-2-300x163.jpg 300w, https://tokenist.com/wp-content/uploads/2023/04/0_ahkvYLxAgEj9TNt-2-768x418.jpg 768w, https://tokenist.com/wp-content/uploads/2023/04/0_ahkvYLxAgEj9TNt-2-650x354.jpg 650w, https://tokenist.com/wp-content/uploads/2023/04/0_ahkvYLxAgEj9TNt-2-660x360.jpg 660w, https://tokenist.com/wp-content/uploads/2023/04/0_ahkvYLxAgEj9TNt-2.jpg 1120w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   <em>Image credit: Kaiko</em>
  </figcaption>
 </figure>
</div> 
<p>However, the CFTC civil complaint is likely a case of correlation being conflated with causation. Binance’s policies contributed to the sharp Bitcoin trading volume downturn last week, not seen since July 2022. This was sparked by Binance terminating its <a aria-label=" (opens in a new tab)" href="https://www.binance.com/en/support/announcement/updates-on-zero-fee-bitcoin-trading-busd-zero-maker-fee-promotion-be13a645cca643d28eab5b9b34f2dc36" target="_blank" rel="noreferrer noopener nofollow" class="deco-link">zero-fee trading promotion</a> on March 22.&nbsp;</p> 
<p>Since last July, this promotion has affected 13 Bitcoin spot-trading pairs, making it responsible for 66% of Binance’s trading volume. In this light, Binance’s market share was likely to shrink regardless of regulatory crackdowns via ‘<a href="https://tokenist.com/binance-fud-grows-as-experts-cry-operation-chokepoint-2-0/" rel="dofollow" class="deco-link">Operation Chokepoint 2.0</a>’.&nbsp;</p> 
<p>Most recently, another Binance FUD appeared. Short-lived, <a href="https://tokenist.com/bitcoin-below-28k-as-rumors-of-interpol-search-for-cz-engulf-internet/" rel="dofollow" class="deco-link">wild rumors spread</a> that Interpol issued a Red Notice for Binance CEO Changpeng Zhao (CZ)—the same international warrant issued for Do Kwon, the founder of failed Terra Labs. However, as FUDs go, it was poorly executed.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="500" data-dnt="true">
   <p lang="en" dir="ltr">I needed 5 min of search to understand:<br>– the CZ interpol pic is fake <br>– the FUD against Binance is engineered on purpose<br>– Cobie had nothing to do with it<br><br>They want your bitcoin don’t panic sell it to them until 1 million. <a href="https://t.co/YbNnb60GMw" target="_blank" rel="nofollow">https://t.co/YbNnb60GMw</a></p>— doncrypto (@DonCryptoDraper) <a href="https://twitter.com/DonCryptoDraper/status/1643115490817069056?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">April 4, 2023</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>The question is, how are other crypto exchanges performing, considering their smaller sizes are less amenable to regulatory blows?</p> 
<div class="cta-referral"> 
 <img src="https://tokenist.com/wp-content/themes/thetokenist/assets/img/del/cta-referral-1.png" alt="" class="cta-referral__img" loading="lazy" decoding="async"> 
 <div class="cta-referral__text"> 
  <p>Join our&nbsp;<a href="https://t.me/thetokenist" target="_blank" rel="noreferrer noopener nofollow">Telegram group</a>&nbsp;and never miss a breaking digital asset story.</p> 
 </div> 
</div> 
<h3 id="binance-us-bites-into-coinbase-dominance">Binance.US Bites into Coinbase Dominance</h3> 
<p>Just as the CFTC charged Binance with KYC breaches and other compliance oversights, the <a href="https://tokenist.com/coinbase-shares-fall-11-in-premarket-as-sec-action-looms/" rel="dofollow" class="deco-link">SEC came after Coinbase</a> for listing unregistered securities. As another legal battle is brewing, this was a significant signal for the market.</p> 
<p>Since March 22, the same day Binance ended its zero-fee promotion, Coinbase (COIN) stock dropped by -26%. For the whole Q1’23 period, Coinbase lost 11% of the US market share. Interestingly, Binance.US gained the upper hand, tripling its US market share from 8% to over 24%, according to Kaiko.</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter size-large">
  <img decoding="async" width="1024" height="551" src="https://tokenist.com/wp-content/uploads/2023/04/0_ZMnF9C4UtVxAMh0l-2-1024x551.jpg" alt="" class="wp-image-147936" srcset="https://tokenist.com/wp-content/uploads/2023/04/0_ZMnF9C4UtVxAMh0l-2-1024x551.jpg 1024w, https://tokenist.com/wp-content/uploads/2023/04/0_ZMnF9C4UtVxAMh0l-2-300x162.jpg 300w, https://tokenist.com/wp-content/uploads/2023/04/0_ZMnF9C4UtVxAMh0l-2-768x413.jpg 768w, https://tokenist.com/wp-content/uploads/2023/04/0_ZMnF9C4UtVxAMh0l-2-650x350.jpg 650w, https://tokenist.com/wp-content/uploads/2023/04/0_ZMnF9C4UtVxAMh0l-2.jpg 1120w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   <em>Image credit: Kaiko</em>
  </figcaption>
 </figure>
</div> 
<p>It appears that <a href="https://tokenist.com/coinbase-sells-its-analytics-tool-to-immigration-department/" rel="dofollow" class="deco-link">Coinbase’s tight relationship</a> with US law enforcement agencies has been less fruitful than expected. Seeing the rising tide of regulatory uncertainty, other exchanges are downsizing US operations.&nbsp;</p> 
<p>Previously, Kraken, having received an SEC Well’s notice, shut down its staking service. Last Friday, Bittrex announced the complete shutdown of business in the US on April 30, citing unclear regulatory requirements and an uneven competitive landscape. This marks the end of the exchange’s 9-year stint in the US. Bittrex assured all customer funds would be ready for retrieval.</p> 
<p>Alongside Binance.US tripling its US market share, Korean Upbit is among the few exchanges to increase its trading volume. Much of it is from speculation on the outcome of the Ripple Labs vs. SEC legal battle.&nbsp;</p> 
<p>Accordingly, the most traded pairs on Korean Upbit and Bithumb exchanges have been XRP/USDT and XRP/KRW, with their volumes surpassing both BTC and ETH. Over the month, XRP is up by +33%, as the expected ruling should be delivered by the end of April or even May.&nbsp;</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="500" data-dnt="true">
   <p lang="en" dir="ltr">There is no deadline of today for her to rule. The decision could come out within the next hour or it could take another 30-60 days. Based on previous cases, Judge Torres has issued her ruling on summary judgment within a couple months of her Daubert/Experts’ decision.</p>— John E Deaton (@JohnEDeaton1) <a href="https://twitter.com/JohnEDeaton1/status/1641886845410725890?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">March 31, 2023</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>Regardless of the outcome, the spike in XRP trading volumes is temporary. Ethereum (ETH) will likely become the focus ahead of the milestone <a href="https://tokenist.com/ethereums-shapella-upgrade-officially-scheduled-for-april-12th/" rel="dofollow" class="deco-link">‘Shapella’ upgrade</a> on April 12. </p> 
<div class="cta-sub js__cta-sub"> 
 <div class="cta-sub__start" data-step="1"> 
  <div class="cta-sub__title">
   <strong>Finance is changing.</strong>
  </div> 
  <div class="cta-sub__subtitle">
   Learn how, with Five Minute Finance.
  </div> 
  <div class="cta-sub__excerpt">
   A weekly newsletter that covers the big trends in FinTech and Decentralized Finance.
  </div> <button type="button" class="btn">Try it out (for free)</button> 
 </div> 
 <div class="cta-sub__form" data-step="2" style="display: none;"> 
  <script type="text/javascript" src="https://app.getresponse.com/view_webform_v2.js?u=QcLhh&amp;webforms_id=hpcwd"></script> 
 </div> 
 <div class="cta-sub__result" data-step="3" style="display: none;"> 
  <div class="cta-sub__title">
   Awesome
  </div> 
  <div class="cta-sub__caption">
   You’ve subscribed.
  </div> 
  <div class="cta-sub__greeting">
   You’re well on your way to being in the know.
  </div> 
 </div> 
</div> 
<p><strong><em>Do you think social media makes both crypto and banking more fragile? Let us know in the comments below.</em></strong></p> 
<p>The post <a rel="nofollow" href="https://tokenist.com/binance-us-market-share-tripled-in-q1-despite-cftc-action/">Binance.US’ Market Share Tripled in Q1, Despite CFTC Action</a> appeared first on <a rel="nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Binance.US’ Market Share Tripled in Q1, Despite CFTC Action

Indice dei contenuti

TokenInsight

Altri articoli pubblicati su 4 apr 2023

Saudi Arabia’s Crown Prince says he is no longer interested in “pleasing” the U.S.

Mailchain Announces Integration with NEAR Protocol to Develop Secured Web3 Communication Layer

Embracing Web 3.0: The Power of Edge Computing in the Cloud Continuum

Binance Market Share Drops in First Quarter; Binance US Surges

PUBLISH ESG Center, Creativemas to explore use of web3 in ESG content creation

Shaping the Anipang Universe through improvements

Iscriviti alla nostra newsletter gratuita per aggiornamenti giornalieri sulle criptovalute!