The launch of Bitcoin spot ETFs by U.S. companies has sparked fierce competition among crypto exchanges.
Crypto exchange Coinbase According to Kaiko, the blockchain analytics company, Coinbase is now no longer the world’s second-largest brand by trading volume. Coinbase’s market shares have dropped since October 2023 from 11% down to 8%. Meanwhile, rival Bybit Now accounts for approximately 16% of the global trading volume.
Kaiko points out that Bybit’s attempts to increase trading volume by lowering trading fees have translated into a growth in market share. Kaiko highlights the fact that lower costs led to a growth in market share. “not the only reason for its rise,” The exchange was implied to have “benefited” from Binance regulatory troubles.”
“Analyzing spot trade volumes by asset reveals that the increase in volume on Bybit has been driven by both BTC and ETH, whose market share has risen from 17% to 53% since last year,” Analysts at Kaiko claim
As a comparison Binance Has seen a “stronger increase in altcoin volume,” Despite the fact that the company still ranks first in the market (54%) and has the largest share, its shares of Bitcoin The following are some examples of how to get started: Ethereum originated volume “has declined to 43% this year from 59% a year ago.” Kaiko says the changes could be driven by “swings in risk sentiment and tends to decline more during bear markets.”
Wall Street is reportedly moving away from Bybit despite its progress. Late in May, it was reported that Citadel Securities’ prime brokerage Hidden Road had been acquired by the firm. stopped Bybit’s KYC/AML policies. Bybit did not address the issue publicly, but an exchange spokesperson stated that Bybit’s platform is accessible. “committed to transparency and will provide further updates as the review progresses.”
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Source: crypto.news