Binance Loses More Than 10% of Crypto Spot Market
In June 2023, the value of digital currencies transacted on the spot market surged by 16.4%, reaching $575 billion, as reported by CCData.
The largest of the trading platforms, Binance, processed 41.6% of all transactions, however, they endured a fall from 64% to 53%.
Notable competitors Bybit and OKX managed to earn a larger customer base and increased their market share during the same period.
Interestingly, Coinbase’s market share shrank from 8% to 5.4%. SEC’s ongoing lawsuit has significantly damaged Binance’s overall position in the derivatives market, as their market share shrunk from 66% to 56% in a matter of six months.
Despite this, Binance CEO Changpeng Zhao remains optimistic.
He expressed on Twitter his hope that bitcoin traders will be more active, ultimately providing support to Binance and regenerate its positions within the next 6-18 months.
