Bybit’s market share increased continuously, while Coinbase’s growth was more notable outside of US trading hours, according to Kaiko Research. After US regulators and cryptocurrency exchange Binance reached a significant multi-billion dollar settlement last week, an on-chain data analytics company revealed a spike in Coinbase’s market share.
A $4.3 billion settlement was reached on November 21 between Binance and the US Department of Justice (DoJ) to resolve accusations pertaining to anti-money laundering. However, research firm Kaiko Research claims that other cryptocurrency exchanges are seeing a rise in market share as a result of the legal issues.
The company has released a report stating that Coinbase has experienced an increase in trading volume outside of regular US trading hours, during the European trading day:
“Coinbase’s share grew the most outside of U.S. trading hours (14-22 UTC), instead surging in the middle of the trading day in Europe and the beginning of the trading day in eastern Asia.”
According to reports, Bybit is experiencing notable changes all day long. As per the report, Bybit has emerged as the clear winner, increasing its market share every hour and growing by over 20% in 16 of the 24 hours.
Notwithstanding legal challenges, Binance has apparently maintained its liquidity across all cryptocurrencies:
The report stated, “Binance remains the leader in liquidity, both for BTC and for altcoins, despite Coinbase’s volume share growing.”. Some business titans, however, think that Binance’s settlement with the DoJ is good for the cryptocurrency community.
According to a recent report, Mike Novogratz of Galaxy Digital thinks that the recent legal action against Binance is good for the cryptocurrency market as a whole.
They’ve been de-risked, in my opinion, in many ways. Concerns were raised regarding Binance. Now, there’s a lot less to be concerned about,” he said.
More recently, it was revealed that in the wake of Binance’s legal issues, Coinbase’s shares have reached an 18-month high. According to TradingView data, Coinbase closed at $119.77 on November 27, marking the highest closing price since May 2022, when it closed at $114.25.