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Binance Losing Market Dominance at Rapid Pace

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Binance, once the uncontested titan in the cryptocurrency exchange arena, has seen its spot market share diminish for seven consecutive months

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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