Binance Stumbles As Zero-Fee BTC Trading Halts, Market Share Plunges
Portfolio Pulse from Murtuza Merchant
Binance's market share has declined to 46.3% following the discontinuation of its zero-fee Bitcoin trading offer. The platform's spot trading dropped by 48.1% to $287 billion in April. Meanwhile, smaller exchanges like Upbit are gaining market share.
June 02, 2023 | 8:40 pm
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NEGATIVE IMPACT
Binance's market share decline and termination of zero-fee Bitcoin trading may negatively impact BNBUSD in the short term.
Binance's market share decline and the termination of its zero-fee Bitcoin trading offer are likely to negatively impact BNBUSD in the short term. The platform's spot trading dropped significantly, and smaller exchanges are gaining market share, which could lead to reduced demand for BNBUSD.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
Coinbase may benefit from Binance's market share decline, but its current share of the total spot trading market remains low at 5.60%.
While Binance's market share decline could potentially benefit Coinbase, its current share of the total spot trading market remains low at 5.60%. The impact on COIN is uncertain, as smaller exchanges like Upbit are gaining market share at a faster pace.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 50