In short: Binance.US has experienced a significant decline in market share and market depth since the SEC filed a lawsuit against the exchange and its American subsidiary. Its market share has fallen from around 20% in April to below 5%, while its market depth has dropped from $34m on June 4 to just $7m a week later. The company quickly delisted over 100 trading pairs from its platform after the SEC launched a restraining order to freeze its assets. Coinbase, on the other hand, has seen its market share rise from 46% to 64% in the past week.
Our quick analysis:
Recently, Binance.US has been under the spotlight due to the lawsuit filed by the SEC against the cryptocurrency exchange. The aftermath of the lawsuit has resulted in significant damage to Binance.US's market share, dropping from approximately 20% in April to less than 5% presently.
The SEC has raised legal pressure against Binance.US and its American subsidiary, and even launched a restraining order to freeze its assets. The company has taken immediate measures and delisted more than 100 trading pairs from its platform to mitigate the damages.
The decline in market share this month could be attributed to the legal pressure from the SEC. The restraining order has caused significant damage, and the decline in market depth and liquidity has resulted in market makers being nervous.
According to reports, the quality and stability of Coinbase's platform are playing a significant role in its rising market share, despite being under investigation by the SEC as well. Market share of Brian Armstrong's Coinbase in the US has risen from 46% to 64% in the past week.
Binance.US has taken a considerable hit, but it remains to be seen whether the exchange will recover with time. As always, cryptocurrency is a volatile and unpredictable market.
The SEC lawsuit aftermath has caused a substantial decline in market activity for Binance.US.
Image provided by Unsplash
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
Our quick analysis:
Recently, Binance.US has been under the spotlight due to the lawsuit filed by the SEC against the cryptocurrency exchange. The aftermath of the lawsuit has resulted in significant damage to Binance.US's market share, dropping from approximately 20% in April to less than 5% presently.
The SEC has raised legal pressure against Binance.US and its American subsidiary, and even launched a restraining order to freeze its assets. The company has taken immediate measures and delisted more than 100 trading pairs from its platform to mitigate the damages.
The decline in market share this month could be attributed to the legal pressure from the SEC. The restraining order has caused significant damage, and the decline in market depth and liquidity has resulted in market makers being nervous.
According to reports, the quality and stability of Coinbase's platform are playing a significant role in its rising market share, despite being under investigation by the SEC as well. Market share of Brian Armstrong's Coinbase in the US has risen from 46% to 64% in the past week.
Binance.US has taken a considerable hit, but it remains to be seen whether the exchange will recover with time. As always, cryptocurrency is a volatile and unpredictable market.
The SEC lawsuit aftermath has caused a substantial decline in market activity for Binance.US.
Image provided by Unsplash
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
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