{"id":4765,"date":"2023-10-05T11:00:00","date_gmt":"2023-10-05T11:00:00","guid":{"rendered":"https:\/\/coinnector.com\/binance-is-losing-ground-why\/"},"modified":"2023-10-06T01:53:05","modified_gmt":"2023-10-06T01:53:05","slug":"binance-is-losing-ground-why","status":"publish","type":"post","link":"https:\/\/coinnector.com\/en\/binance-is-losing-ground-why\/","title":{"rendered":"Binance is losing ground: why?"},"content":{"rendered":"\n
\"\"<\/figure>\n\n

Binance, once the undisputed leader in the world of cryptocurrency exchanges, has been recording market share declines in the spot market for seven consecutive months. Is the cryptocurrency giant losing its influence?<\/h2>\n\n

Binance, a leading cryptocurrency exchange, has consistently noted decreases in spot market shares for seven months. Currently, the cryptocurrency giant accounts for just 34% of the market, as confirmed by data presented in a recent Bloomberg report based on information from CCData.<\/p>\n\n

What’s behind this decline? Last year, Binance, as a strategic decision to expand its customer base and increase trading volumes, introduced a promotion offering no fees for trading major cryptocurrencies, such as Bitcoin or Ethereum. Thanks to this promotion, users had the opportunity to exchange Ethereum for Binance’s native stablecoin, Binance USD (BUSD), without any fees for a limited time.<\/p>\n\n

However, the ending of such a promotion for key trading pairs seems to have influenced some users who decided to move elsewhere.<\/p>\n\n

The upcoming legal challenges also didn’t help. The Wall Street Journal recently revealed that Changpeng Zhao (CZ), CEO of Binance, might face charges by the US Department of Justice. Coupled with the departure of significant board members and mass layoffs in the company, this has raised concerns about Binance’s future market position.<\/p>\n\n

Another alarming sign of Binance’s problems is the sharp drop in its trading volumes. According to a K33 Research report, the average 7-day trading volume of Bitcoin on Binance experienced a sharp decline of 57% since the beginning of September. In contrast, other exchanges maintained relatively stable volumes, and the American Coinbase even recorded a 9% increase during the same period.<\/p>\n\n

Although Binance has maintained a dominant position in the cryptocurrency market for years, recent months have brought many challenges for this exchange. Readers are left to observe how the company adapts to these adversities and whether it can regain its lost dominance.<\/p>\n\n

Photo by Kanchanara<\/a> on Unsplash<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Binance, once the undisputed leader in the world of cryptocurrency exchanges, has been recording market share declines in the spot market for seven consecutive months. Is the cryptocurrency giant losing its influence?<\/p>\n","protected":false},"author":1,"featured_media":4746,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[58,60],"tags":[],"yoast_head":"\nBinance is losing ground: why? - Kryptowaluty bez tajemnic<\/title>\n<meta name=\"description\" content=\"Binance, once the undisputed leader in the world of cryptocurrency exchanges, has been recording market share declines in the spot market for seven consecutive months. 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