Binance's Market Dominance Plummets To 30% Amid Regulatory Challenges In 2023
Portfolio Pulse from Mehab Qureshi
Binance's market share plummeted from 55% to 30.1% in 2023 due to regulatory challenges and top-level exits. The exchange's monthly spot volumes dropped over 70%, from $474 billion to $114 billion. Binance settled legal disputes with the CFTC for nearly $3 billion, and with the Department of Justice and Treasury Department. Despite the decline, Binance remains the largest crypto exchange, while OKX's market share grew. Bitcoin's price was slightly down at the time of reporting.
December 12, 2023 | 7:04 am
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Bitcoin's price experienced a minor decline, trading at $41,564, down 0.51% over the last 24 hours amidst news of Binance's reduced market share and regulatory settlements.
The news of Binance's reduced market share and regulatory issues could create uncertainty in the cryptocurrency market, potentially affecting investor sentiment and leading to a short-term negative impact on Bitcoin's price.
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RELEVANCE 50