Binance.US, the American subsidiary of Binance, continues to lose ground in the cryptocurrency market. Meanwhile, Coinbase, Bybit and OKX seem to be doing well, although the US players have less impact on the international market overall.
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Exchanges crypto : la part de marché de Binance.US passe sous le seuil de 1 % face aux difficultés
Binance.US continues to lose ground
The Securities and Exchange Commission (SEC) seems to have got the better of Binance.US, the subsidiary of the giant Binance dedicated to the American cryptocurrency market. Earlier last month, we reported that Binance.US had effectively lost 15% market share to its competitors, dropping from 20 to just 4.8% share in the crypto market in the United States.
At the same time, the platform’s market depth had dropped by almost 80%, opening the door to significant possibilities of slippage on certain pairswhich will have ended up being suspended for some of them.
Well, according to a recent report published by our colleagues at Reuters, Binance.US’ market share would have fallen below the symbolic level of 1% on June 26th. This data is corroborated by recent analysis from Kaiko, which highlights the gaining ground of Coinbase, one of Binance.US’ main rivals along with Kraken. Bybit and OKX are also among the crypto exchanges that have managed to hold their own in the midst of this slump.
Coinbase’s market share is up in June, reaching its highest level since Jan 2023. Meanwhile, https://t.co/pup2WYms9R market share hit a new all-time low, dropping below 1%. pic.twitter.com/nRBAqWtYgB
— Kaiko (@KaikoData) July 4, 2023
Although Coinbase is on the front line of clashes with the US regulator, its position as a watchdog through several bitcoin spot ETF applications lately seems to have kept it afloat.
As we can see below, Binance also lost ground, falling from 63% to 52% market share internationally.. For its part, Coinbase lost 1%, a drop that is part of an overall weakening of American players. Indeed, as we reported earlier today, these now represent only 9% of the total Bitcoin (BTC) trading volume.
Market shares of international cryptocurrency exchanges in % of weekly volume
Despite this drop, Binance still remains the market leader by far with a recorded volume of $9.4 billion over the past 24 hours.
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Source: Reuters
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Passionate about the world of decentralized finance and the novelties brought by Web 3.0, I write articles for Cryptoast to help make blockchain more accessible to everyone. Convinced that cryptocurrencies will change the future very soon.
Maximilien Prue
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