Binance Reaches $4.3 Billion Settlement, Impacting Crypto Market 🌍
On November 21, Binance settled a major case with the United States Department of Justice (DoJ), agreeing to a $4.3 billion settlement over anti-money laundering allegations. This legal development has had significant ripple effects across the cryptocurrency market.
Coinbase Gains in Market Share: A Detailed Look 📊
According to a recent report by Kaiko Research, the aftermath of Binance’s settlement has favored Coinbase, particularly in trading volumes. The report highlights that:
Coinbase’s market share grew predominantly outside of U.S. trading hours (14-22 UTC), peaking during European trading times and the beginning of the trading day in eastern Asia.
Bybit also emerged as a key player, reportedly gaining market share consistently and growing by over 20% in 16 out of 24 hours.
Despite these shifts, Binance has maintained its position as a leader in liquidity for both Bitcoin and altcoins.
📈 The Most Significant Outcome: Bybit and Coinbase’s Rising Market Share 🚀
The most crucial point is the significant increase in market share by Bybit and Coinbase. Bybit emerged as a consistent winner, gaining market share every hour and growing by more than 20% in 16 out of 24 hours. Meanwhile, Coinbase notably expanded its share outside U.S. trading hours, particularly in European and Eastern Asian trading times. Despite these changes, Binance still maintains the lead in liquidity for both Bitcoin and altcoins.
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Industry Perspective: Binance’s Settlement Seen as Positive 🌟
Galaxy Digital’s Mike Novogratz views Binance’s settlement as a beneficial development for the broader crypto community. He believes this reduces the risks associated with dealing with Binance, thus enhancing overall market confidence.
Coinbase Shares Reach 18-Month High 📈
In a related development, Coinbase’s shares soared to an 18-month high, closing at $119.77 on Nov. 27, as reported by Logll. This surge surpassed its previous high in May 2022, reflecting renewed investor confidence amidst the shifting landscape of the crypto market.
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