Binance dominates spot trading volume in light of the FTX crisis
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Answer Binance dominates spot trading volume in light of the FTX crisis
The recent heated clash and the emergence of new details between Binance and FTX has added to the volatility in the cryptocurrency market.
Binance’s increasing dominance in the crypto market:
Vettel Land, chief analyst at Arcane Research, said Binance would really pay to secure its dominance.
Vettel stated that the dominance of spot trading volume on Binance has risen sharply.
Binance’s dominance of spot trading volume jumped from 0-60% to 80-90% of the market after the fee removal announcement.
He added that Binance accounts for 40% of open interest (Ethereum + Bitcoin).
According to Glassnode alerts, the average liquidated volume of bitcoin in long futures positions continued to reach a one-month high of $118,970.98 on Binance, with a last month high of $104,869.88 on October 22, 2022.
The same analyst pointed out that the FTX crisis cast a shadow over the market and a shift in the dominance of the spot trading of cryptocurrencies, as the dominance of FTX on the market decreased from 25% to 14%.
Read:Bitcoin trading platform balances drop…Where is this money headed?
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Binance’s acquisition of FTX and a shift in rhetoric between the heads of the two companies (Binance and FTX)
Cryptocurrency Market Plunges Below $1 Trillion, Bitcoin Tests New Annual Low
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