Coinbase market share grows outside US trading hours amid Binance saga: Report
Following cryptocurrency exchange Binance reaching a substantial multi-billion-dollar settlement with United States regulators last week, an on-chain data analytics firm reported a surge in Coinbase’s market share.
On November 21, Binance and the United States Department of Justice (DoJ) reached a settlement of $4.3 billion, settling allegations related to anti-money laundering.
However, the legal challenges have led to other crypto exchanges seeing an increase in market share, according to research firm Kaiko Research.
The firm recently published a report that indicates that Coinbase has seen an uptick in its trading volume, during the European trading day, outside the regular 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.
However, Binance has reportedly upheld its liquidity across all cryptocurrencies despite facing legal challenges:
“Despite Coinbase’s volume share growing, Binance remains the leader in liquidity, both for BTC and for altcoins,” the report declared.
Meanwhile, some industry leaders believe that Binance settling with the DoJ is a positive for the crypto community.
Related: The SEC is facing another defeat in its recycled lawsuit against Kraken
Cointelegraph recently reported that Galaxy Digital’s Mike Novogratz believes the recent legal action against Binance is a positive for the entire crypto industry.
“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 more recent news, Cointelegraph reported that shares of Coinbase have hit an 18-month high following Binance’s legal troubles.
On Nov. 27, Coinbase closed at $119.77, its highest since May 2022, when it closed at $114.25, according to TradingView data.
Magazine: This is your brain on crypto: Substance abuse grows among crypto traders
