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COINTURK NEWS > Binance > Binance’s Market Share Falls: Reasons and Impact on Trading Volume
Binance

Binance’s Market Share Falls: Reasons and Impact on Trading Volume

In Brief

  • Binance, the world’s largest cryptocurrency exchange, has seen a consecutive seven-month decline in its spot market share. According to a recent report by Bloomberg, citing CCData, the crypto exchange giant currently holds only 34% of the market.ContentsReasons for the Decline in Binance’s Market ShareDeclining Trading Volume Reasons for the Decline in Binance’s Market Share Last […]
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COINTURK NEWS 2 years ago
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Binance, the world’s largest cryptocurrency exchange, has seen a consecutive seven-month decline in its spot market share. According to a recent report by Bloomberg, citing CCData, the crypto exchange giant currently holds only 34% of the market.

Contents
Reasons for the Decline in Binance’s Market ShareDeclining Trading Volume

Reasons for the Decline in Binance’s Market Share

Last year, Binance made a strategic move to expand its customer base and increase trading volumes by introducing zero-fee trading for major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH). This campaign allowed users to buy and sell Ethereum with Binance’s own stablecoin, Binance USD (BUSD), without paying any transaction fees for a limited time.

The end of such campaigns for major trading pairs as expected affected a portion of the crypto exchange’s user base to migrate to another cryptocurrency exchange.

Furthermore, the main trigger for the decline has been the emerging legal challenges. The Wall Street Journal recently reported that the US Department of Justice (DoJ) prosecutors could bring criminal charges against Binance CEO Changpeng Zhao (CZ). This situation, combined with senior executives resigning and significant layoffs within the company, has raised concerns about Binance’s future market position.

Declining Trading Volume

Another prominent indicator of Binance’s recent struggles is the dramatic decline in trading volumes. According to a report by Norwegian-based digital asset research and investment company K33 Research, Binance’s average 7-day trading volume for Bitcoin has dropped sharply by 57% since the beginning of September.

While Binance’s average 7-day trading volume for Bitcoin has declined sharply, other cryptocurrency exchanges have managed to maintain relatively stable volumes. Coinbase, one of Binance’s biggest competitors based in the US, saw a 9% increase in trading volume during the same period.

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Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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COINTURK NEWS 6 October, 2023 - 8:33 am 6 October, 2023 - 8:33 am
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