Binance, the world’s largest crypto exchange, dominates the crypto market due to the massive trading volumes it records on the exchange. However, Bitcoin spot and derivatives trading volumes on Binance are declining in the last few months.
Bitcoin trading volume for the BTC-USDT pair fell 90% on crypto exchange Binance after it ended the zero-fee Bitcoin trading for all trading pairs except TrueUSD (TUSD). While the daily trading volume on BTC-TUSD pair has increased to $170 million, it’s still relatively lower.
Binance‘s market share dropped to 54% from 70% two weeks ago, the lowest level since November 5, after the CFTC lawsuit and ending some zero-fee trading. Kaiko earlier clarified that CFTC had no impact on Binance’s trading volumes, but today it agreed that it does have some impact.
While Bitcoin has jumped over $30,000, the upcoming price rally is likely to be restrictive. The BTC price is currently trading at $30,255, up 1% in the last 24 hours. Meanwhile, the ETH price has hit $2,000 after the Shanghai upgrade due to massive shorts liquidation.
(By Varinder Singh)
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