{"id":1969393,"date":"2023-07-11T08:00:02","date_gmt":"2023-07-11T12:00:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/cryptoverse-hungry-exchanges-fight-for-slice-of-american-pie\/"},"modified":"2023-07-11T08:01:43","modified_gmt":"2023-07-11T12:01:43","slug":"cryptoverse-hungry-exchanges-fight-for-slice-of-american-pie","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/cryptoverse-hungry-exchanges-fight-for-slice-of-american-pie\/","title":{"rendered":"Exchanges battle for US market share in Cryptoverse."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">16<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fcryptoverse-hungry-exchanges-fight-for-slice-of-american-pie%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1969393&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div class=\"entry-content\">\n<p>By Hannah Lang<\/p>\n<p>(Reuters) \u2013 May the best exchange win? <\/p>\n<div id=\"div-gpt-ad-1663871513696-art-1\" style=\"min-width: 320px; min-height: 50px;  text-align: center;\">  \t<script>  \t\tgoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1663871513696-art-1'); });  \t<\/script>  <\/div>\n<div class=\"ad-slot__ad-label\">Advertisement<\/div>\n<\/p>\n<p><strong>Crypto platforms are vying for dominance in the United States, the world\u2019s biggest market, following a regulatory crackdown that\u2019s shaken the sector.<\/strong><\/p>\n<p><strong>Coinbase<\/strong> and <strong>Binance.US<\/strong>, two of the largest crypto exchanges by market share among those operating in America, have lost ground this year. The former has fallen to about 51% as of June 18 from a high of 62% in January, while the latter has sunk to around 1.5% from 22% in March, according to data from Kaiko. <\/p>\n<p>Both Binance and Coinbase have been sued by the U.S. Securities and Exchange Commission (SEC) for <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/cryptoverse-hungry-exchanges-fight-for-slice-of-american-pie\/\" title=\"Exchanges battle for US market share in Cryptoverse.\">alleged securities laws violations<\/a>, though deny wrongdoing. Their regulatory woes and others\u2019 have conspired with the collapse of Sam Bankman-Fried\u2019s FTX last year to conjure crypto chaos. <\/p>\n<p><strong>Rivals scent blood.<\/strong><\/p>\n<p>Kraken, Bitstamp and LMAX Digital \u2013 an institutional crypto exchange \u2013 have seen their market shares increase since the start of this year by as much as 5.66%, according to the Kaiko data, which represents the global market share of exchanges that operate in the United States.<\/p>\n<p>Kraken has leapt to about 29%, leaving Binance.US in its wake.<\/p>\n<p><strong>\u201cDominance in the U.S. market is really important,\u201d<\/strong> said Ravi Doshi, co-head of trading at Genesis Trading. <strong>\u201cThe majority of the trading volume happens during U.S. trading hours because the most amount of capital is here and the most amount of interest from institutions is coming from the U.S.\u201d<\/strong><\/p>\n<p>Guy Hirsch, global managing director at Kraken, said the company had \u201cdedicated significant time and resources to enhance the quality of its platform\u201d. <\/p>\n<p>Bobby Zagotta, CEO of Bitstamp USA, said its recent growth was driven by a \u201cflight to quality\u201d in the marketplace. Bitstamp\u2019s global market share among exchanges operating in the U.S. has risen to about 9%. <\/p>\n<p>Coinbase and LMAX declined to comment on the data, while Binance.US \u2013 the American affiliate of the world\u2019s largest crypto exchange \u2013 didn\u2019t respond to a request for comment.<\/p>\n<p><strong>\u2018TONS AND TONS\u2019 OF TOKENS<\/strong><\/p>\n<p>The swings in market share are happening at a precarious time for the digital asset industry, with the SEC arguing that most crypto coins are unregistered securities. <\/p>\n<p>It may not be that simple for hungry challengers to grab market share, according to market players.<\/p>\n<p>In years gone by, crypto exchanges could swiftly gobble up business by offering access to a swathe of coins.<\/p>\n<p>\u201cDifferentiating based on the breadth of your offerings has provided a lot of these exchanges with popular adoption,\u201d said Wade Guenther, a partner at investment firm Wilshire Phoenix.<\/p>\n<p>Both Kraken and Coinbase, for instance, list more than 200 tokens, including some that the SEC in its lawsuits has labeled as unregistered securities, like solana and polygon. <\/p>\n<p>Now, though, the increased regulatory scrutiny of those offerings has made it more challenging for exchanges to follow the old playbook. <\/p>\n<p>\u201cAs an exchange operator, you\u2019re increasing your risk, because you\u2019re offering these tokens that could be deemed as securities,\u201d said Doshi at Genesis Trading. <\/p>\n<p>Still, the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/breaking-biden-admins-decision-to-pause-jj-vaccine-causes-confidence-in-vaccine-to-plummet\/\" title=\"BREAKING: Biden Admin\u2019s Decision To Pause J&#038;J Vaccine Causes Confidence In Vaccine To Plummet\">cost-benefit analysis<\/a> for exchanges could change if crypto token prices were to rebound and there was suddenly increased interest from investors, said Doshi. <\/p>\n<p>\u201cI can totally see this happening again, where tons and tons of more tokens are added as we enter a new bull market.\u201d<\/p>\n<\/p>\n<p> (Reporting by Hannah Lang in Washington; Editing by Michelle Price and Pravin Char)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/uncategorized\/cryptoverse-hungry-exchanges-fight\/attachment\/illustration-shows-representations-of-cryptocurrency-bitcoin-4\/\"><\/a><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p> Meanwhile, the House of Representatives introduces a piece of legislation, aimed at restoring public trust in elections. <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>White House censorship efforts are thwarted, while critics try to censor Sound of Freedom.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>New York Governor Kathy Hochul blames her predecessor Andrew Cuomo for the bail mess in the state as she claims New York City is safe again.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>The mayor of a city in Atlanta, Georgia was arrested for trespassing over the weekend. Mayor Khalid Kamau of the City of South Fulton also faces a first-degree burglary charge after he trespassed on private property at a lake house on Saturday morning.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>By Byron Kaye and Lewis Jackson SYDNEY (Reuters) \u2013 Social media giant Meta Platforms, owner of Facebook and Instagram, plans to label\u2026 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>BEIJING (Reuters) \u2013 China\u2019s science and technology ministry held a meeting on July 5 with firms including Xiaomi, iFlytek and Alibaba Cloud\u2026 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>By Tanvi Mehta NEW DELHI (Reuters) \u2013 Taiwan\u2019s Foxconn has decided to withdraw from a $19.<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/golf-british-opens-154th-edition-to-be-played-at-birkdale\/\" title=\"The 154th British Open to be held at Birkdale.\">5 billion semiconductor joint venture<\/a> with Vedanta,\u2026 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>(Reuters) \u2013 Taiwan\u2019s Foxconn said on Monday it had withdrawn from a $19.5 billion semiconductor joint venture with Indian metals-to-oil conglomerate Vedanta,\u2026 <\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Coinbase and Binance.US, leading crypto exchanges in the US, are battling for supremacy after regulatory actions impacted the sector. Both platforms have experienced a decline in market share in the world&#8217;s largest market.<\/p>\n","protected":false},"author":66,"featured_media":1969394,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[542],"tags":[],"class_list":["post-1969393","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oann"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1969393","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1969393"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1969393\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1969394"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1969393"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1969393"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1969393"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}