Coinbase becomes increasingly dominant in the US market

One of the leading cryptocurrency exchanges, Coinbase, is becoming increasingly dominant in the United States cryptocurrency market. Coinbase’s dominance comes amid its growing market share in recent months, surpassing giants such as Binance.US, Gemini, Cboe Digital, according to data shared in a survey by the Kaiko platform on March 8.

According to the survey, Coinbase is increasingly dominant in the US cryptocurrency industry since the approvals of 11 Bitcoin (BTC) spot exchange-traded funds (ETFs). The US Securities and Exchange Commission (SEC) approved Bitcoin ETFs on January 10th, with trading beginning on the 11th.

Coinbase’s market dominance showed very significant growth in the first quarter of this year, mainly with the scrutiny carried out by the SEC in the sector against exchanges in the US, filing several lawsuits, including Coinbase and Binance.US.

According to data from the Kaiko platform, in the last three months, the Bitcoin (BTC) market share of the Coinbase exchange showed a notable increase, rising from 47% to 60%.

@coinbase is increasingly dominant in the U.S. since the ETF approvals.

Over the past 3 months, its #BTC market share has climbed from 47% to 60% 👀 pic.twitter.com/XUKI6A3uKX

— Kaiko (@KaikoData) March 8, 2024

At the time of publication, the price of Bitcoin was quoted at US$68,819.72, up 2.9% in the last 24 hours. During this period, the cryptocurrency recorded a trading volume of US$42,688,230,486. The price of Bitcoin has increased by 11.1% in the last seven days.

It is worth remembering that, at the beginning of the year, amid a global scenario of uncertainty and regulatory challenges, Binance, one of the main cryptocurrency exchanges, surprised the market with an impressive return. This advance comes on the heels of an agreement with US regulators, which marked a turning point for the company. After facing serious allegations including money laundering and sanctions evasion, Binance has recovered remarkably, highlighting its resilience and ability to adapt.

SEC uses recent ruling to improve cases against Coinbase and Binance

In a strategic move by the US Securities and Exchange Commission (SEC), the regulator wants to use a recent insider trading case ruling to strengthen its case against cryptocurrency exchanges, including Coinbase and Binance.US.

Last week, the Agency managed to obtain a default judgment against Sameer Ramani. He was named as one of the beneficiaries of privileged trading information involving former Coinbase exchange product manager Ishan Wahi. In the trial, some digital assets were considered to be securities when they are traded on secondary market platforms.

On March 4, the SEC filed a notice citing the default judgment, highlighting it as significant to the case against Coinbase. Furthermore, the SEC also cited the ruling in the court case against the Binance.US platform.

Disclaimer:

The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading cryptocurrencies carries a risk of financial loss.