Since the past few months, a major decline in the usage of a centralized cryptocurrency exchange has been observed. The market has been ruled by Coinbase and others.
The recorded trading volume of Binance fell in September 2024 to its lowest level in the past four years. According to CCData, the market share of the crypto exchange shrunk to 36.6 percent last month, down from 42.7 percent at the start of the year.
Roughly 27 percent of Binance’s share in the spot market has been the lowest since January 2021, yet it accounts for 40.7 percent of derivatives trading, which is also the lowest in the past four years.
Market watchers claim that the decline in spot trading and derivatives has been observed since January 2024; post lawsuit from the regulatory commission.
Binance has paid approximately $3 to $4 billion in penalties to the agencies in the United States and other nations. Recently the Securities and Exchange Commission has sued the exchange and its CEO over the allegation of money laundering and other charges.
CCData also notes that centralized cryptocurrency exchanges’ collective spot trading volume fell around 17% in the past month, reaching new lows.
Among all crypto exchanges, Binance’s market share mirrored a most severe decline compared to any other exchange.
Other Market News Updates
Earlier on October 03, 2024, a known assets manager Franklin Templeton proposed to the US SEC to launch a Bitcoin and Ethereum index ETF. The yet-to-be debut, BTC & ETH Crypto Index ETF by Franklin will enable investors to gain exposure to Bitcoin and Ether.
Todayq reported on October 03, 2024, that Michael Terpin has refired a lawsuit against AT&T as he lost $24 million in cryptocurrency in a wipeout. A teen bypassed the two-factor authentication and gained access to his wallet holding cryptocurrencies by bribing an official of the SIM operator.
The founding firm of Aptos Network, Aptos Labs announced that it has acquired HashPalette, a non-fungible token service provider based in Japan. Both aim to work together for the betterment and expansion of the ecosystem.
In the past 24 hours, the trading volume of the global NFT market grew more than 400% reaching $70,341,338. CryptoPunk #1536 became the most pricey NFT traded for $56,292,121 followed by Axie Infinity #115792… was traded for $87,916.
Crypto Market Price Updates
When writing the cryptocurrency market capitalization was $2.11 trillion falling 1.20% in the past 24 hours. At the same time fear and greed index was at 36 determining fear in market sentiment.
Bitcoin was trading at $60,945 after losing 6.14% in the past seven days; its trading volume was $35,379,128,202 after declining roughly 13%, and its market capitalization was $1,204,847,123,539.
The intraday losers list has been topped by $1.64 falling 16.09% followed by Conflux (CFX) trading at $0.1624 declining 11.93%. However, the gainer list is ruled by Monera (XMR) trading at $144.89 surging 4.09% followed by Aave (AAVE) $146.03 growing 2.71%.
Hamster Kombat and SUI became the trending cryptocurrency in the market in the past 24 hours.
