{"id":646195,"date":"2024-10-04T01:30:15","date_gmt":"2024-10-04T01:30:15","guid":{"rendered":"https:\/\/wncen.com\/?p=646195"},"modified":"2024-10-03T22:33:14","modified_gmt":"2024-10-03T22:33:14","slug":"binance-market-dominance-plunges-a-deep-dive-into-the-36-share-drop","status":"publish","type":"post","link":"https:\/\/wncen.com\/binance\/binance-market-dominance-plunges-a-deep-dive-into-the-36-share-drop\/","title":{"rendered":"Binance Market Dominance Plunges: A Deep Dive Into The 36% Share Drop"},"content":{"rendered":"

According to a recent report by Bloomberg, Binance, the world’s largest cryptocurrency exchange by trading volume, is facing significant challenges as its market share continues to decline.\u00a0<\/span><\/p>\n

In September, Binance’s share of <\/span>trading volume <\/span><\/a>in the roughly $2 trillion digital asset market fell to 36.6%, down sharply from 42.7% at the start of the year and the lowest level in four years, according to data from CCData.<\/span><\/p>\n

Binance Spot And Derivatives Trading Hits Four-Year Lows<\/span><\/h2>\n

The drop in market share is particularly pronounced in both the spot and derivatives trading arenas. Binance’s 27% share of the <\/span>spot market<\/span><\/a> represents its lowest level since January 2021, while its derivatives trading share stands at 40.7%, also the lowest in four years.<\/span><\/p>\n

Related Reading: Crypto Analyst Maintains $7.50 XRP Target Despite SEC Appeal Against Ripple<\/a><\/div>\n

Per the <\/span>report<\/span><\/a>, this decline can be attributed to the legal saga that the exchange has been experiencing globally since last year, but particularly in the US, which has not only had a notable impact on the exchange’s financial metrics, but has also led to changes in its leadership.<\/span><\/p>\n

The company has been under increased scrutiny globally, following a <\/span>settlement <\/span><\/a>with the US Department of Justice (DOJ) last year over serious charges, including sanctions violations, which resulted in a hefty $4 billion fine.\u00a0<\/span><\/p>\n

The fallout from these regulatory actions included the resignation of co-founder and former CEO Changpeng Zhao (CZ), who served four months in prison as part of the proceedings. However, the former CEO was <\/span>released <\/span><\/a>by US authorities last Friday after serving his sentence.<\/span><\/p>\n

In an effort to rebuild trust and navigate the regulatory landscape, Binance appointed Richard Teng, a former regulator, as its new CEO. Teng has been actively engaged with regulators investigating Binance in various jurisdictions, while also <\/span>appointing <\/span><\/a>a new board of directors and the intentions of establishing a new headquarter.<\/span><\/p>\n

Centralized Crypto Exchanges Face 17% Volume Drop<\/span><\/h2>\n

The report further highlights that the broader market for centralized crypto exchanges is also facing challenges, with combined spot and derivatives trading volumes dropping 17% in September.\u00a0<\/span><\/p>\n

However, this decline is typical for the month, which is often seasonally weak, but it has resulted in the lowest monthly <\/span>trading activity<\/span><\/a> since June. Notably, Binance has seen the most severe market-share decline among top exchanges, as competitors such as Bybit, Bitget, and Crypto.com have begun to capture a larger share of the market.<\/span><\/p>\n

Related Reading: Crypto Analyst Says Solana-Based BONK Is In Prime Position For Legendary Rally<\/a><\/div>\n

Jacob Joseph, a senior research analyst at CCData, noted that this trend may indicate a growing confidence among crypto participants in alternative platforms that \u201coffer similar user experiences,\u201d including low trading fees, minimal slippage, and high market liquidity.<\/span><\/p>\n

Despite the challenges, Binance recently achieved a significant milestone, becoming the first centralized <\/span>crypto exchange<\/span><\/a> to surpass $100 trillion in lifetime trading volume, according to CCData.\u00a0<\/span><\/p>\n

\"Binance\"
The 1D chart shows BNB’s price downtrend experienced in the past week. Source: BNBUSDT on TradingView.com<\/a><\/figcaption><\/figure>\n

At the time of writing, the exchange’s native token, <\/span>BNB<\/span><\/a>, currently the fourth largest cryptocurrency on the market, is trading at $545, up just 1% in the last 24 hours amid the broader market decline.<\/span><\/p>\n

Featured image from DALL-E, chart from TradingView.com<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

According to a recent report by Bloomberg, Binance, the world’s largest cryptocurrency exchange by trading volume, is facing significant challenges as its market share continues to decline.\u00a0 In September, Binance’s share of trading volume in the roughly $2 trillion digital asset market fell to 36.6%, down sharply from 42.7% at the start of the year and the lowest level in four years, according to data from CCData. Binance Spot And Derivatives Trading Hits Four-Year Lows The drop in market share is particularly pronounced in both the spot and derivatives trading arenas. Binance’s 27% share of the spot market represents its lowest level since January 2021, while its derivatives trading share stands at 40.7%, also the lowest in four years. Related Reading: Crypto Analyst Maintains $7.50 XRP Target Despite SEC Appeal Against Ripple Per the report, this decline can be attributed to the legal saga that the exchange has been experiencing globally since last year, but particularly in the US, which has not only had a notable impact on the exchange’s financial metrics, but has also led to changes in its leadership. The company has been under increased scrutiny globally, following a settlement with the US Department of Justice (DOJ) last year over serious charges, including sanctions violations, which resulted in a hefty $4 billion fine.\u00a0 The fallout from these regulatory actions included the resignation of co-founder and former CEO Changpeng Zhao (CZ), who served four months in prison as part of the proceedings. However, the former CEO was released by US authorities last Friday after serving his sentence. In an effort to rebuild trust and navigate the regulatory landscape, Binance appointed Richard Teng, a former regulator, as its new CEO. Teng has been actively engaged with regulators investigating Binance in various jurisdictions, while also appointing a new board of directors and the intentions of establishing a new headquarter. Centralized Crypto Exchanges Face 17% Volume Drop The report further highlights that the broader market for centralized crypto exchanges is also facing challenges, with combined spot and derivatives trading volumes dropping 17% in September.\u00a0 However, this decline is typical for the month, which is often seasonally weak, but it has resulted in the lowest monthly trading activity since June. Notably, Binance has seen the most severe market-share decline among top exchanges, as competitors such as Bybit, Bitget, and Crypto.com have begun to capture a larger share of the market. Related Reading: Crypto Analyst Says Solana-Based BONK Is In Prime Position For Legendary Rally Jacob Joseph, a senior research analyst at CCData, noted that this trend may indicate a growing confidence among crypto participants in alternative platforms that \u201coffer similar user experiences,\u201d including low trading fees, minimal slippage, and high market liquidity. Despite the challenges, Binance recently achieved a significant milestone, becoming the first centralized crypto exchange to surpass $100 trillion in lifetime trading volume, according to CCData.\u00a0 At the time of writing, the exchange’s native token, BNB, currently the fourth largest cryptocurrency on the market, is trading at $545, up just 1% in the last 24 hours amid the broader market decline. Featured image from DALL-E, chart from TradingView.com<\/p>\n","protected":false},"author":589,"featured_media":646196,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88382],"tags":[10768,86230,86864,91512,83605,11427,89186,86483,79524,79611,6664,14690],"class_list":["post-646195","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-binance","tag-binance","tag-binance-ceo","tag-binance-coin-bnb","tag-binance-coin-news","tag-binance-news","tag-bnb","tag-bnb-news","tag-bnb-price","tag-bnbusd","tag-bnbusdt","tag-crypto","tag-crypto-news"],"acf":[],"yoast_head":"\nBinance Market Dominance Plunges: A Deep Dive Into The 36% Share Drop<\/title>\n<meta name=\"description\" content=\"Binance, the world's largest crypto exchange by trading volume, is facing significant challenges as its market 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With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies. Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology. Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry. One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision. Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities. Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth. However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape. Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge. With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. 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