Binance Settlement Boosts Coinbase, Bybit Presence
Binance faced regulatory challenges over the past year, but a $4 billion settlement with the US Department of Justice and the ousting of CEO Changpeng Zhao helped calm the market. However, rivals like Coinbase and Bybit expanded their market share, indicating a significant shift in market dynamics. Kaiko Analytics’ latest report revealed that Coinbase experienced a 75% gain in a single month after Binance’s settlement.
Despite a 4% dip in market share for Binance, its influence cushioned the blow, with Bybit experiencing a 50% increase and Coinbase a 34% increase. Despite Coinbase’s growth, Binance maintained its leadership in liquidity for BTC and altcoins. Bybit has improved its liquidity over the past year, and some instruments are on par with Binance. Despite these changes, Binance remains the world’s leading exchange in terms of liquidity.
(With inputs from Shikha Singh)
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