The ProShares Bitcoin Strategy (BITO) fund experienced a remarkable daily trading volume surpassing $500 million, marking the fifth occurrence of such a milestone in its operational history. Simultaneously, trading momentum surged for the Spot Bitcoin ETF as excitement intensified over a prominent asset management firm’s potential introduction of a Spot Bitcoin ETF. The regulatory uncertainty prevailing in the United States could be one of the main factors contributing to this decline. The report emphasizes that Coinbase, Kraken, and OKX have also experienced a decline of over 50% in their spot trading volume. The situation has also affected not only Binance but also other exchanges. The data indicate that the volume has reached its lowest point, a level not observed since the fourth quarter of 2020.īesides the unprecedented regulatory aggression, Binance’s (BNB) underperformance can also be attributed to the decision to reimpose fees on various bitcoin (BTC) trading pairs. The ICO was held in July 2017 shortly after the exchange launched, and saw Binance raise 15 million in funding, with BNB price at 0.10 during the ICO. The ongoing lawsuit has resulted in a decline in spot trading volume for CZ’s exchange during the second quarter of 2023.Īccording to a recent research report from Kaiko, the leading cryptocurrency exchange has witnessed a substantial decline of 70% in its combined spot trading volume. At first glance, you’ll notice that Kraken fees are higher than Binance, with maker-taker fees ranging from 0 to 0.26 versus Binance’s 0 to 0.10. According to the Binance whitepaper, exactly half of the maximum supply of BNB coins was allocated towards the initial coin offering (ICO) and public sale of the coin. Furthermore, the SEC has sued Coinbase, the largest cryptocurrency player in the United States. The lawsuit filed by the SEC against Binance has also contributed to spreading fear, uncertainty, and doubt (FUD), which has consequently led to a decline in market prices. The SEC directed CZ’s platform and Binance to participate in a mediation meeting to address the imposed restrictions on the exchange. These anonymous sources disclosed that the affected staff members were part of Binance.US’ legal, risk, and compliance departments. Insiders familiar with the situation have revealed that Binance has terminated the employment of 50 individuals amid the ongoing legal dispute. However, Binance has proactively taken measures, including submitting an application for deregistration as a crypto service provider in Cyprus and withdrawing its license application in Austria. In addition, Judge Jackson dismissed the SEC’s request for a temporary restraining order against Binance.US during the legal proceedings. #BINANCE, one of the world's largest #cryptocurrency exchanges, experienced a 70% decline in spot trading volume during the second quarter of this year #cryptomarket #Cryptocurency /BSPiRG7w2Y As a result, Binance has witnessed a significant decline in its spot trading volume. Recently, the SEC filed a lawsuit against the exchange, raising concerns across various aspects of Binance’s operations. However, there are differences in the amount of crypto available to trade.Join Our Telegram channel to stay up to date on breaking news coverageįor several weeks, the Securities and Exchange Commission (SEC) has been embroiled in a dispute with Binance, the world’s largest cryptocurrency exchange.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |