Binance’s Bitcoin volume plummets after end of zero-commission trading By Crypto.news
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Binance’s Bitcoin volume plummets after end of zero-commission trading
Crypto.news – The drop in (BTC) activity on Binance, a cryptocurrency exchange, has been attributed to the removal of zero-commission trading in September.
Bloomberg experts noted a 26% drop in average seven-day volume since the start of September. TrueUSD ended commission-free trading of BTC and stablecoins on Sep. 7, resulting in an 89% decline in the average seven-day volume of this trading pair.
Additionally, Binance has seen withdrawals of approximately 12,230 BTC worth $330 million since August, along with an outflow of approximately 198,200 (ETH) worth about $323 million.
Bitcoin represents roughly half of the $1 trillion crypto market, while Ether accounts for about 20%.
Previously, a significant decrease in trading volume occurred in March following the conclusion of a zero fees promotion, causing Binance’s spot trading market share to fall from 65% to 58.8%.
Binance’s dominant position is also being challenged due to legal actions filed by the U.S. Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC), alleging violations of securities laws.
“The current regulatory concerns around the exchange might have driven users to other platforms. Binance’s trading volumes have steadily been declining since it stopped its zero-fee trading promotion for USDT pairs in March.”
Jacob Joseph, a research analyst at CCData
K33 Research analysts also note that Binance was the main reason for the industry’s 48% drop in trading volumes in September.
However, the further development trend of the crypto market will depend on events related to cryptocurrencies.
Factors such as news of the launch of cryptocurrency ETFs and selling pressure from bankrupt companies and the US government have become dominant factors influencing the market.
This article was originally published on Crypto.news
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Binance’s Bitcoin volume plummets after end of zero-commission trading
Crypto.news – The drop in (BTC) activity on Binance, a cryptocurrency exchange, has been attributed to the removal of zero-commission trading in September.
Bloomberg experts noted a 26% drop in average seven-day volume since the start of September. TrueUSD ended commission-free trading of BTC and stablecoins on Sep. 7, resulting in an 89% decline in the average seven-day volume of this trading pair.
Additionally, Binance has seen withdrawals of approximately 12,230 BTC worth $330 million since August, along with an outflow of approximately 198,200 (ETH) worth about $323 million.
Bitcoin represents roughly half of the $1 trillion crypto market, while Ether accounts for about 20%.
Previously, a significant decrease in trading volume occurred in March following the conclusion of a zero fees promotion, causing Binance’s spot trading market share to fall from 65% to 58.8%.
Binance’s dominant position is also being challenged due to legal actions filed by the U.S. Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC), alleging violations of securities laws.
“The current regulatory concerns around the exchange might have driven users to other platforms. Binance’s trading volumes have steadily been declining since it stopped its zero-fee trading promotion for USDT pairs in March.”
Jacob Joseph, a research analyst at CCData
K33 Research analysts also note that Binance was the main reason for the industry’s 48% drop in trading volumes in September.
However, the further development trend of the crypto market will depend on events related to cryptocurrencies.
Factors such as news of the launch of cryptocurrency ETFs and selling pressure from bankrupt companies and the US government have become dominant factors influencing the market.
This article was originally published on Crypto.news
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