Total cryptocurrency exchange volume in January exceeded December last year, reaching $1.15 trillion
The Block's research analyst Rebecca Stevens posted on X platform that data shows that despite a slowdown in cryptocurrency exchange trading volume in recent times, the monthly total trading volume in January still exceeded that of December 2023, reaching $1.15 trillion. It is worth noting that although exchange trading volume has been declining since the launch of spot ETFs, it is still relatively high compared to last year, at around $27 billion per day.
Indian Crypto Exchange CoinDCX Under Legal Scrutiny for Alleged Bank Fraud and Irregularities
CoinDCX, a major player in India's cryptocurrency landscape, is under investigation by the Delhi Police for alleged bank fraud on its mobile application. Multiple complainants have reported irregularities, claiming they were coerced into paying additional funds during the withdrawal of their crypto investments. The allegations involve demands beyond the stipulated tax, raising questions about the platform's conduct. The unfolding scandal sheds light on potential misconduct within one of India's prominent crypto platforms, highlighting the need for transparency and adherence to regulations in the burgeoning cryptocurrency space. Investors await clarity on the fate of their funds as the police investigate the matter.
Only 6% of centralized cryptocurrency exchanges integrate Lightning Network
According to new market research conducted by Kaminari, the use of Bitcoin as a "transaction layer" has steadily increased in recent years, settling 40 million transactions in the third quarter of 2023. The report states that the introduction and increasing adoption of the Lightning Network (LN) by cryptocurrency exchanges and other platforms is one of the reasons for the record growth in quarterly cryptocurrency transactions. Market research data shows that the number of companies in the Lightning Network ecosystem has grown from 94 in October 2021 to 179, distributed across 28 categories. However, it is worth noting that only over 6% of centralized cryptocurrency exchanges have integrated the Lightning Network. <br>
Spot trading volume on CEX is expected to surge by more than 83% QoQ in Q4 2023
CryptoRank, an encrypted data analysis platform, published an article on X platform stating that compared to Q3 2023, it is expected that the spot trading volume of centralized exchanges (CEX) in Q4 will increase by more than 83%. Despite the significant increase in trading volume, it is still nearly four times lower than the historical high in Q2 2021.
Kaiko: Korean exchange trading volume hit a new high for the year in early December
According to a Kaiko post on X, the trading volume of Korean exchanges hit a record high in early December, driven by trading of altcoins and zero-fee promotions.
CEX spot trading volume reached US$826.4 billion in November, a new high since March this year
According to data from The Block, CEX spot trading volume in November reached $826.4 billion, a new high since March of this year, up more than 60% from October's $516.43 billion.In addition, Binance's spot market share fell to 37.52%. Previously, Binance's spot market share in October was 40.47%.
After Binance’s settlement, Coinbase and Bybit are the main beneficiaries
Kaiko research analyst Riyad Carey stated that after Binance reached a $4 billion settlement with US authorities last week, its competitors Coinbase and Bybit became the main beneficiaries. Carey said that Coinbase's stock price had already performed well in November, and the Binance settlement agreement pushed COIN's performance up by more than 75% that month. Carey added that in terms of market share after the settlement agreement was announced, Bybit was the "direct outstanding winner" for Bitcoin, as it has the highest trading volume for non-stablecoins. Binance's market share temporarily dropped by 4% at times, while Bybit rose by 50% and Coinbase rose by 34%.
Fireblocks Launches "Off Exchange" Trading System to Eliminate Counterparty Risk on Centralized Exchanges
Fireblocks, a multi-party computation (MPC) wallet provider, has launched a new trading system called "Off Exchange" for institutional traders. The system allows traders to swap tokens without depositing them on the exchange, reducing counterparty risk. Off Exchange uses a shared MPC wallet with three shards, with two out of three shards required to sign a transaction, preventing unilateral withdrawal of assets by either the trader or exchange. The system has already been implemented by QCP Capital, Blocktech, and Zerocap for trading on Derebit, with plans to support other exchanges in the future.
Binance's Market Share in Spot Trading Falls to 40% in Late 2023, According to Report
Binance's market share in spot trading has dropped to 40% in late 2023, a decrease from 62% a year ago, according to a report by blockchain analytics firm 0xScope. The report suggests that Binance's listing strategy may have contributed to the decline in spot trading volume for popular coins. Meanwhile, Upbit, a Korean crypto exchange, saw its spot market share increase from 5% to 15.3% during the same period. When considering all crypto trading volumes, including derivatives, Binance's market share was 51.2% in October 2023, followed by OKX, Bybit, Bitget, and MEXC Global.
Coinbase’s USDC interest income in the third quarter was US$172 million, an increase of 14% from Q2
Coinbase stated in its Q3 earnings report: "In the third quarter, we obtained new licenses that enable us to enter new markets and offer new products, and continue to promote clarity in U.S. regulation." The company generated $172 million in USDC stablecoin interest income this quarter, up nearly 14% from $151 million in Q2 USDC interest income.
In its quarterly outlook, Coinbase wrote: "We expect to achieve meaningful positive adjusted EBITDA for the full year 2023, a target that has been revised from our prior target of increasing full-year 2023 adjusted EBITDA in USD terms relative to full-year 2022."
