USDC

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bybit-surpasses-coinbase-in-crypto-ranking" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bybit Surpasses Coinbase in Crypto Ranking</a><br></p>
<p style="text-align: justify">Bybit has outpaced Coinbase to become the world’s second-largest crypto exchange, according to a recent Kaiko report. The report, dated June 25, highlights a significant increase in Bybit’s trading volume. Since October, Bybit’s <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">market</a> share has grown from 8% to 16%, propelling it past Coinbase and positioning it just behind <a href="https://en.bitcoinhaber.net/binance-responds-to-user-concerns-over-github-security-breach" data-wpel-link="internal" rel="noopener noreferrer nofollow">Binance</a>.</p>
<h2 id="why-did-bybit-surge">Why Did Bybit Surge?</h2>
<p style="text-align: justify">Coinbase saw a modest 1% increase in market share and revenue during the same period. Bybit’s rise can be partly attributed to Binance facing regulatory challenges, leading to a decrease in Binance’s market share from 60% to 54%. Kaiko analysts suggest that Bybit may have capitalized on Binance’s regulatory woes.</p>
<p style="text-align: justify">On November 21, 2023, U.S. officials announced a $4.3 billion settlement with Binance for Anti-Money Laundering violations, one of the largest penalties in U.S. history. This incident has further bolstered Bybit’s position in the market.</p>
<h2 id="what-s-happening-in-crypto-exchanges">What’s Happening in Crypto Exchanges?</h2>
<p style="text-align: justify">In June 2023, the SEC filed lawsuits against both Coinbase and Binance for securities violations. The allegations against Binance included the misuse of billions of user funds, although no evidence was found. Binance remains the largest crypto exchange globally by trading volume. Bybit’s introduction of zero-fee trading for Circle’s USD (USDC) stablecoin in February 2023 has also contributed to its increased trading volume.</p>
<h2 id="key-insights-for-users">Key Insights for Users</h2>
<p style="text-align: justify"><strong>Valuable Takeaways</strong></p>
<p style="text-align: justify">• Bybit’s competitive fees are comparable to those of Binance and OKX. <br> • The introduction of zero-fee trading for USDC has significantly boosted trading volume. <br> • Bybit benefited from Binance’s regulatory issues, leading to a shift in market share. <br> • Regulatory challenges can have a profound impact on market dynamics and user preferences.</p>
<p style="text-align: justify">According to Bybit’s co-founder and CEO, Ben Zhou, the exchange remains committed to offering competitive fees and a secure trading platform with innovative products like the Unified Trading Account, which have resonated well with users.</p>
<p style="text-align: justify">Overall, Bybit’s strategic moves and competitive pricing have enabled it to surpass Coinbase and strengthen its market position, making it a key player in the crypto exchange landscape.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/bybit-surpasses-coinbase-in-crypto-ranking" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bybit Surpasses Coinbase in Crypto Ranking</a></h5>

Bybit Surpasses Coinbase in Crypto Ranking

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