Bitcoin (BTC) is trading at a premium of over 1% on Binance.US Exchange’s USD trading volume drops to new low following US SEC lawsuit, according to CryptoSnap statistics,
Cryptocurrency Data indicates that BTC was trading above $26,000 on Binance.US, pushing prices on major rivals such as Kraken and Coinbase above $150 as of press time.
Binance US trading volume falters
Despite its BTC premium, USD volume on the exchange has slowed significantly, falling from a peak of over $684 million on March 14 to less than $25 million, according to CryptoSwap. statistics,
The decline could be linked to the exchange’s banking partners’ decision to freeze USD payment channels until June 13. Due to this, Binance US said that it will transition to a crypto-only platform due to its regulatory issues.
KAICO data confirms the declining trading activity on the exchange. Caco informed of Binance’s US market share compared to other US exchanges fell to 4.8% after the lawsuit, down from 20% in April.
Coinbase, on the other hand, saw its market share jump from 46% to 64% within a week of its own SEC lawsuit.
Binance US market depth plunges 78%
Meanwhile, Binance US market depth fell by 78% within a week, according to Kaiko, after the US SEC filed suit against the company for violating federal securities laws. statistics,
Over the past week, Kaiko noted that the exchange’s market depth for 17 tokens decreased to just $7 million from $34 million recorded on June 4 – the day before the SEC lawsuit.
Caco where did it go Market makers and traders left the exchange due to concerns about potential asset lock-ups. On June 6, the SEC moved to freeze Binance’s US assets, arguing that the action was needed to ensure the safety of customer funds.
“(Binance US) market makers are nervous and want to avoid volatility-induced losses and the non-negligible possibility that their assets could implode on a la FTX collapse.”