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BINANCE ON BRINK OF TOTAL COLLAPSE: Trading Volumes Plummet, Market Share Crashes Back to 2020 Levels – Is This the End of Crypto’s Favorite Son?!

Crypto NewsFeaturedInstitutional Investors Kevin Nelson October 5, 2024

An illustration of Binance's logo sinking slowly underwater with ripples spreading outwards from it. A faint image of a rising graph in the background contrasts sharply with the downward motion of the logo.

There’s nothing quite like watching crypto bros scramble when their precious Binance starts hemorrhaging trading volume. It seems that September was a particularly brutal month for the exchange, with derivatives trading plummeting by 21% to $1.25 trillion – its lowest level since October 2023. And if you thought things couldn’t get worse, spot trading volumes took an even bigger hit, dropping by 22.9% to $344 billion (lowest monthly volume since November 2023). The exchange’s market share? You guessed it: down to a paltry 36.6%. One can only imagine the tears of despair being shed by Binance’s marketing team as they frantically try to come up with new ways to lure in clueless investors.

Source: cointelegraph

Binance derivatives market share shrinks to 2020 levels as CEX trading slumps
https://cointelegraph.com/news/binance-derivatives-market-share-shrinks-2020-levels-cex-trading-slumps
Global crypto exchange Binance experienced a significant decline in trading activity in September.  According to a CCData report, trading volume for derivatives on Binance fell by 21% to $1.25 trillion in September, the lowest level since October 2023. With the decline in activity, the exchange’s derivatives market share stood at 40.7% at the end of the month — the lowest since September 2020.  The downward trend also affected spot trading […]

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About the author

Kevin Nelson

Kevin’s foray into cryptocurrency trading was a full-scale disaster. His obsession with chasing trends and leveraging obscure assets led to a catastrophic loss of his entire life savings. Now, Kevin’s articles are a venomous mix of bitter humor and harsh reality checks, exposing the chaotic and treacherous world of crypto trading. His catchphrase: “I went from trading genius to broke fool in record time. Welcome to crypto—where the only thing guaranteed is your financial ruin.”

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Disclaimer

The content presented on this site is intended solely for entertainment purposes and should not be taken as factual or reliable information. This site employs satire and humor to discuss global news, current events, finance, and cryptocurrency. The views expressed here are not meant to be taken seriously and do not represent the opinions of any individuals, organizations, or entities discussed.

Please be aware that the content may be exaggerated, fictionalized, or otherwise altered to create a comedic effect. It is not intended to provide financial advice, make accurate predictions, or offer any serious commentary on current events or financial markets.

Readers are encouraged to verify any claims or statements with credible sources and should not make any decisions based on the information provided here. This blog is not responsible for any actions taken based on its content. Always consult a qualified professional before making any financial or investment decisions.

Please do not hesitate to contact us if you have any questions or concerns.

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