Crypto NewsExchangeData Revealed Two Cryptocurrency Exchanges Surge Globally After Binance Deal

Data Revealed Two Cryptocurrency Exchanges Surge Globally After Binance Deal

Analysts from the cryptocurrency analysis company Kaiko announced the exchanges that benefited after the Binance agreement.

Follow Bitcoin Sistemi Google News Button

According to data from cryptocurrency analysis company Kaiko, following Binance's $4 billion agreement with US authorities, rival crypto exchanges Coinbase and Bybit recorded significant increases in their market shares.

However, despite the outflow of over $1 billion following the agreement, Binance managed to maintain its liquidity. Kaiko research analyst Riyad Carey stated that the stock market's market depth increased after the settlement.

According to the analyst, Coinbase in particular experienced a significant increase in its share price, which was already performing well in November. The Binance deal further fueled this growth, with COIN stock rising over 75% during the month.

Bybit was described as an “instant winner” in terms of post-deal market share, growing by more than 20% in the 16 hours following the deal. This growth was attributed to a decline in Binance's market share, resulting in a gain of up to 50% for Bybit and 34% for Coinbase.

Related News  Another Shock to the SEC: Judge Issues a Harsh Reprimand to the SEC in Cryptocurrency Case

Interestingly, Coinbase's share increased the most outside of US trading hours following the deal, while OKX saw larger gains at the start of Western Europe's trading day. Other US stock markets performed poorly overall.

Although the immediate impact of Binance's settlement is beneficial for Coinbase and Bybit, the initial trends do not look dire for Binance either, according to the analyst. Despite theories suggesting Binance may continue to lose market share to rivals, improved compliance and 'Know Your Customer' measures could increase trust in the exchange.

*This is not investment advice.

Buradaki Yorumlardan Bildirim Al

Inline Feedbacks
View all comments

Popular Posts of the Week