Binance Losing Market Dominance at Rapid Pace

Binance, the leading cryptocurrency exchange, has observed its spot market share fall consecutively for seven months. The crypto giant now accounts for a mere 34% of the market, according to a recentzero-fee trading for major cryptocurrencies like Bitcoin and Ethereum. The promotion, as reported by U.Today, allowed users to trade Ethereum against Binance’s native stablecoin, Binance USD , without any fees for a limited time.

This, combined with high-profile executive exits and significant layoffs at the company, has raised concerns about Binance's future market standing.According to a report by K33 Research, Binance's 7-day average trading volume for Bitcoin witnessed a sharp decline of 57% since the onset of September.

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