Binance.US On Life Support: Market Makers Abandon Sinking Ship As Coinbase Steals The Crypto Exchange Throne
Portfolio Pulse from Murtuza Merchant
Binance.US is facing a liquidity crisis as market makers and traders leave the platform following the SEC lawsuit. Liquidity has dropped nearly 80% in one week, while Coinbase's market share has increased from 46% to 64%.
June 12, 2023 | 6:55 pm
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NEGATIVE IMPACT
Binance's global entity (CRYPTO: BNB) has experienced a decline in liquidity of roughly 7% since the beginning of June.
The decline in liquidity for Binance's global entity could be a result of the ongoing issues with Binance.US. This may lead to a negative impact on BNBUSD in the short term as traders and market makers seek alternative platforms.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
Coinbase's market share has increased from 46% to 64% within the past week, potentially benefiting from Binance.US's liquidity crisis.
As Binance.US faces a liquidity crisis, traders and market makers may be moving to other platforms like Coinbase. This could lead to an increase in trading volume and revenue for Coinbase, positively impacting its stock price in the short term.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80