Coinbase Trading Volume Surges Following Binance’s Regulatory Issues
Recently, Binance and its former CEO pled guilty to financial law violations and settled with US authorities for $4.3 million. In the wake of this, Coinbase, one of Binance’s rivals, experienced a significant increase in trading volume. The exchange saw a 62% month-on-month surge, with trading volume reaching $50.4 billion in November compared to $31.16 billion in October.
Coinbase and Bybit Benefit from Binance’s Troubles
Analytical firm Kaiko confirmed the rise in trading volume on Coinbase and Bybit following Binance’s issues. Kaiko reported that Coinbase gained market share from Binance during non-US trading hours, while Bybit gained market share across the board.
According to Kaiko, Coinbase’s share grew the most outside of US trading hours, surging during the middle of the trading day in Europe and the beginning of the trading day in eastern Asia.
COIN Stock Rallies Past $130
As a result of these developments, Coinbase’s COIN stock experienced a rally of approximately 73% over the past month. The stock price increased from around $80 at the beginning of November to about $137 as of December 1. This trend continues COIN’s outperformance of Bitcoin and Ethereum, with the stock price rising by over 100% in the last six months and 260% year-to-date.
Hot Take: Coinbase Emerges as a Dominant Force Amidst Binance’s Troubles
Coinbase has emerged as one of the biggest winners following Binance’s recent regulatory issues. The exchange experienced a significant surge in trading volume, particularly during non-US trading hours. Additionally, Coinbase’s COIN stock rallied by approximately 73% over the past month, outperforming Bitcoin and Ethereum. This demonstrates the growing dominance of Coinbase in the cryptocurrency market.
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