The compromise reached by Binance, the world’s largest cryptocurrency exchange, with the USA benefited Coinbase and Bybit.
Cryptocurrency exchange Binance reached a settlement with US authorities on November 21. $4.5 billion He agreed to pay the fine. However, Binance founder Changpeng Zhao (C.Z.), accepted the accusations and resigned from his position as CEO.
According to the data, this turbulent period experienced by Binance has affected rival cryptocurrency exchanges. coinbase And Bybit It made him go one step ahead.
Commenting on the subject kaiko research analyst Riyad Carey, pointed out the significant rise experienced by Coinbase’s Nasdaq-listed COIN shares in November. COIN in the last 1 month 69% by appreciating 78 dollars from level for $133 reached.
On the other hand, Bybit’s market share increased within a day after the Binance news. from 20% It attracted attention by growing too much.
Carey said that the developments mean that Binance has lost some market share to Coinbase and Bybit in general, especially during non-business hours in the USA.