Legal Challenges Boost Coinbase's Trading Volume
After cryptocurrency exchange Binance reached a $4.3 billion settlement with US regulators, on-chain data analytics firm Kaiko Research reported a surge in market share for Coinbase. According to Kaiko's recent report, Coinbase experienced an uptick in trading volume during European and Asian trading hours, while Bybit saw significant changes throughout the day. Despite this, Binance has maintained its liquidity across all cryptocurrencies.
Binance Settlement Seen as Positive for Crypto Industry
Industry leaders believe that Binance settling with the US Department of Justice (DoJ) is a positive development for the crypto community. Galaxy Digital's Mike Novogratz stated that Binance's legal action being resolved reduces concerns for dealing with the exchange, de-risking the industry as a whole.
Coinbase Shares Reach 18-Month High
Following Binance's legal troubles, shares of Coinbase reached an 18-month high. On November 27, Coinbase closed at $119.77, its highest since May 2022. This surge in value indicates investor confidence in the exchange amid the evolving regulatory landscape.
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