Coinbase Market Share Grows Outside US Trading Hours Amid Binance Saga – After Binance, the cryptocurrency exchange, settled with U.S. regulators for a substantial amount last week, on-chain data analytics firm Kaiko Research observed an increase in Coinbase’s market share. Bybit saw a rise in market share consistently, while Coinbase experienced notable growth during trading hours outside the United States.
Binance and the U.S. Department of Justice finalized a $4.3 billion settlement on November 21, resolving anti-money laundering allegations. Nevertheless, these legal issues have prompted a rise in market share for other cryptocurrency exchanges, as reported by Kaiko Research.
In a recent report, the firm highlighted that Coinbase experienced an increase in trading volume during the European trading day, beyond the usual United States trading hours. “Coinbase’s share grew the most outside of U.S. trading hours (14-22 UTC), instead surging in the middle of the trading day in Europe and the beginning of the trading day in eastern Asia.”
Meanwhile, Bybit is reportedly seeing significant changes across the entire day. “Bybit is the immediate standout winner, gaining market share in every single hour and growing by more than 20% in 16 out of 24 hours,” the report stated. Despite encountering legal challenges, Binance has reportedly maintained liquidity across all cryptocurrencies.
“Despite Coinbase’s volume share growing, Binance remains the leader in liquidity, both for BTC and for altcoins,” the report declared. Meanwhile, certain industry leaders view Binance’s settlement with the DoJ as a positive development for the crypto community. According to a recent report, Mike Novogratz of Galaxy Digital expressed the belief that the legal actions against Binance have positive implications for the broader crypto industry.
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“I think they’re de-risked in lots of ways. People were worried about dealing with Binance. There’s a lot less to worry about now,” he stated. In recent developments, it was stated that Coinbase’s shares reached an 18-month high in the wake of Binance’s legal challenges. On November 27, Coinbase closed at $119.77, marking its highest point since May 2022 when it closed at $114.25, as per TradingView data.