8/23/2023 0 Comments Binance sign inIn contrast, Coinbase's market share has experienced a remarkable ascension, climbing from 46% to 64% within the past week. In April, the exchange boasted a 20% market share, which has now dwindled to just 4.8%. There is also considerable apprehension about assets potentially being trapped on the exchange, reminiscent of the FTX collapse.īinance.US’s market share paints a telling picture of its woes. The drastic liquidity plunge implies that market makers are apprehensive, seeking to steer clear of losses that could be triggered by volatility. Notably, Binance’s market depth remained resilient initially and even witnessed a surge post the lawsuit but eventually plummeted over the weekend as altcoin markets tumbled.Īlso Read: Major DeFi Move: Curve Finance Creator Bolsters Position With $24M Collateral Deposit Into Aave Since the onset of June, Coinbase's liquidity dipped by approximately 16%, and Binance Global saw a decline of roughly 7%. While Binance.US has borne the brunt, Coinbase Global Inc (NASDAQ: COIN) and Binance's global entity (CRYPTO: BNB) have also not remained unscathed. However, the latest data reveals that the figure has nose-dived to a meager $7 million. On June 4, a day before the SEC lawsuit was filed, the market depth of Binance.US stood at a robust $34 million. Securities and Exchange Commission's (SEC) lawsuit, Binance.US is experiencing a severe liquidity crunch, as market makers and traders have vacated the cryptocurrency exchange at an alarming rate.Ī research report by Kaiko revealed the liquidity on Binance.US gauged through the aggregated market depth for 17 tokens, plunged nearly 80% in just one week.
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