Innovation “will allow crypto to decouple from traditional markets,” said David Moreno Darocas, research lead at market intelligence firm CryptoCompare.
After FTX failed, Binance solidified its dominance in the market. In January, it accounted for 55% of world spot trading in crypto, according to CryptoCompare data.
Numbers from data provider CryptoCompare show, in fact, BUSD represented at least roughly a fifth of Binance’s trading volume in the last year.
In January, it accounted for 55% of world spot trading in crypto, according to CryptoCompare data.
• MVIS CryptoCompare Bitcoin Index
• MVIS CryptoCompare Ethereum Index
• MVIS CryptoCompare DA 100 Index
The controversial exchange hosted 55 per cent of the world’s spot crypto trading in January, an increase of seven percentage points since the collapse of FTX in November, according to data from research provider CryptoCompare.
Total assets under management grew 37% in span: CryptoCompare.
Some analysts expect Coinbase to benefit from the fall of FTX, as the former saw its market share increase to 39% in early December from 34% in November, according to CryptoCompare.
“Fed tightening seems to be lighter and inflation less of a risk,” Charles Hayter, CEO of crypto data site CryptoCompare, said in emailed comments to CNBC.
Cryptocurrency spot trading volumes remain similarly muted after slumping about 48% in December versus the previous month to $544 billion, their lowest level since December 2019, CryptoCompare data showed.
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