Title: Binance Market Share Drops to One-Year Low: Details
June 26, 2023 10:03 AM ET
By: AnalysisWatch
Citing data from research firm Kaiko, Bloomberg reports that Binance's market share is near a one-year low due to the widening crackdown on the crypto industry.
The U.S. Securities and Exchange Commission (SEC) sued Binance and its founder Changpeng "CZ" Zhao on June 5, damaging the largest cryptocurrency exchange. Citing Kaiko data, Binance's share of the spot trading market was essentially unchanged from each of the previous two months, standing at 56% as of June 19. That's the lowest figure since August last year, when it fell to 53.7%.
On April 6, immediately following a separate complaint by the U.S. Commodity Futures Trading Commission, Binance's daily market share fell to 47%.
Pressure on cryptocurrency exchanges like Binance has also intensified as wealthy traditional financial players like BlackRock Inc. seek permission to start offering spot bitcoin exchange-traded funds (ETFs) to lure investors seeking regulated institutions.
According to IntoTheBlock data, over $1.4 billion worth of bitcoin and ethereum have been withdrawn from centralized exchanges (CEXs) as the cryptocurrency market experienced a resurgence in buying activity over the past week.
This points to the fact that not only Binance is seeing a loss in market share, but US-based Coinbase, which has also been sued by the SEC, has seen its market share drop from 7.6% at the start of the year to 6.8% in June.
Total global trading volume across all crypto exchanges has declined as a result of the regulatory crackdown, which has undermined investor confidence.
Despite the small decline in market share, Binance remains larger than all other cryptocurrency exchanges combined. Binance is also the largest holder of customer tokens with reserves of $59.2 billion, according to cryptocurrency data company DefiLlama.
Title: ADA May Outperform BTC, DOGE and ETH, Predicts Twitter User
June 26, 2023 09:21 AM ET
By: AnalysisWatch
Crypto Twitter user SlumDOGE Millionaire took to Twitter yesterday to share his predictions for Ethereum (ETH), Bitcoin (BTC), Dogecoin (DOGE) and Cardano (ADA). In his post, the user shared his belief that ETH will surpass BTC in the next bull run. In addition, he also predicted that DOGE will outperform ETH in the next bull run.
More interestingly, the Twitter user predicted that ADA will outperform BTC, ETH and DOGE in the next bull run. This prediction comes after the killer Ethereum was labeled a security in the SEC's lawsuits against Binance and Coinbase - causing the altcoin's price to plummet.
This drastic drop in the ADA price could potentially open up the opportunity for massive profits. This may be why the Twitter user thinks ADA will outperform BTC, ETH and DOGE in the next bull cycle.
However, in the last 24 hours, ADA's price performance has been the worst of the four, according to CoinMarketCap. At press time, the cryptocurrency's price was down 3.37%, and as a result, was trading at $0.2872. While market leaders BTC and ETH have only fallen by 1.91% and 1.70% respectively during this period.
DOGE also saw a 24-hour loss, but only fell by 2.72%. As a result, this popular meme coin was changing hands at $0.06577 at press time.
From a technical standpoint, ADA was trading between the 9-day and 20-day EMA lines at press time. This was after it declined between June 9 and June 15, 2023, which led to the altcoin price falling below the key support level at $0.2752 and towards the next support level at $0.2504. In the following days, the ADA price managed to recover somewhat.
