Bitcoin (BTC) is trading at a premium of over 1% on Binance.US Exchanges Slump US Dollar Volume To New Lows After US SEC Lawsuit, According To CryptoCompare data.
According to CryptoCompare data, BTC is trading above $26,000 on Binance.US, beating its major rivals such as Kraken and Coinbase by more than $150 at the time of writing.
Binance U.S. Trading Volume Sluggish
Despite the BTC premium, the exchange’s USD trading volume has slowed significantly, dropping from a peak of over $684 million on March 14 to below $25 million, according to CryptoCompare. data.
The decline could be related to the exchange’s banking partners’ decision to shut down US dollar payment channels by June 13. As a result, Binance US has announced that it will move to a crypto-only platform due to regulatory issues.
Kaiko’s data further confirms the exchange’s decline in trading activity.Open height report Binance US’s market share compared to other US exchanges fell to 4.8% after the lawsuit, down from 20% in April.
Meanwhile, Coinbase’s market share surged from 46% to 64% within a week of the SEC lawsuit.
Binance US Market Depth Decreased by 78%
Meanwhile, Binance US’s market depth fell by 78% within a week after the U.S. SEC sued the company for violating federal securities laws, Kaitaka said. data.
Kaiko noted that last week, the exchange’s 17-token market depth fell from a record $34 million on June 4, a day before the SEC lawsuit, to just $7 million.
Open height said Market makers and traders have left the exchange over concerns about potential asset lockups. On June 6, the SEC took action to freeze Binance’s US assets, citing the action as necessary to ensure the safety of client funds.
“[Binance US] Market makers are nervous and want to avoid losses from volatility and the non-negligible possibility of assets getting stuck on exchanges like the FTX collapse. “
An article about Bitcoin trading at a premium on Binance US as liquidity dries up first appeared on CryptoSlate.
