Coinbase market share grows outside US trading hours amid Binance saga: Report

1:17 am
December 3, 2023
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**Coinbase’s Market Share Increases During Non-US Trading Hours Following Binance Settlement: Report**

**Summary:**
After Binance settled with US regulators for $4.3 billion, Coinbase’s market share surged during non-US trading hours. The settlement led to an increase in market share for other cryptocurrency exchanges, according to Kaiko Research. Despite the surge in Coinbase’s trading volume, Binance remains a leader in liquidity for cryptocurrencies, as stated in the report. Some industry leaders view Binance’s settlement as a positive development for the crypto community. Additionally, Coinbase’s shares reached an 18-month high following Binance’s legal troubles.

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 during non-US trading hours, according to a CoinTelegraph report.

The report by research firm Kaiko Research pointed out that despite Binance’s legal challenges, other crypto exchanges, including Coinbase, saw an increase in market share. According to the report, Coinbase’s trading volume increased significantly during the European trading day, outside the regular US trading hours.

The data analytics firm’s report also highlighted that despite the surge in Coinbase’s market share, Binance has maintained its liquidity across all cryptocurrencies, remaining a leader in the industry.

In light of Binance’s settlement with the US Department of Justice, some industry leaders have expressed optimism about the impact on the crypto community. For instance, Galaxy Digital’s Mike Novogratz believes that the legal action against Binance is a positive development for the entire crypto industry, stating that it has reduced the worries associated with dealing with Binance.

In more recent news, it was reported that shares of Coinbase reached an 18-month high following Binance’s legal troubles, with Coinbase closing at $119.77, its highest since May 2022, as per TradingView data.

**FAQs**

Q: What led to the surge in Coinbase’s market share?
A: The surge in Coinbase’s market share during non-US trading hours followed Binance’s multi-billion-dollar settlement with US regulators.

Q: How has Binance maintained its position despite legal challenges?
A: Despite legal challenges, Binance has upheld its liquidity across all cryptocurrencies, remaining a leader in the industry.

Q: What did industry leaders have to say about Binance’s settlement?
A: Some industry leaders, such as Mike Novogratz from Galaxy Digital, view Binance’s settlement as a positive development for the entire crypto industry.

Q: What were Coinbase’s shares following Binance’s legal troubles?
A: Coinbase’s shares reached an 18-month high, closing at $119.77, its highest since May 2022, following Binance’s legal troubles.

Sources:
– CoinTelegraph
– Kaiko Research


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