According to The Block Research, after transacting more than $51.3 billion in volume in the last 24 hours, crypto exchange Binance now controls 71% of the global market for cryptocurrency trading.
This is an increase from slightly over 55% of the spot cryptocurrency market on October 24. Coinbase, its nearest competition, has 9% of the market with approximately $6.3 billion in 24-hour volume. With less than $4.5 billion in volume, FTX owns a 6% market share and has signed an agreement of intent to sell its non-US assets to Binance.
Pic Credit: The Block
The company’s rising domination in the spot crypto market coincides with the high-profile revelation that CEO Changpeng “CZ” Zhao signed a letter of intent to buy struggling crypto exchange FTX after the exchange suspended withdrawals due to a liquidity crisis. The full degree of FTX’s financial difficulties is presently unclear.
If Binance’s purchase of FTX’s non-US assets goes through, its percentage of total cryptocurrency market volume will probably grow even more. Binance’s volume domination coincides with reports that centralized exchanges are losing billions of dollars in coins and tokens – around $1 billion from Coinbase alone.