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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Binance Market Share Allegedly Hits 77%; Criticism Grows As Even Jack Dorsey Speaks Out

Jake Simmons
Jake Simmons
2 years ago
3 mins read
Binance BNB

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It is no secret that Binance benefits from FTX’s insolvency. After the second largest exchange in the world went belly up, other exchanges had to divide FTX’s market share among themselves.

And that Binance is one of the biggest winners now seems to be confirmed by recent data. The Block claims that Binance now has a 75% market share on the spot market, 8.5 times more than the second Coinbase.

🚨Binance now represents 75% of all exchange volume, and almost 8.5x that of the second (Coinbase)

Good or bad for the ecosystem? pic.twitter.com/ykPisGn3W2

— Mario Nawfal (@MarioNawfal) November 30, 2022

Other Data Providers Do Not Agree

The chart is based on CryptoCompare data and shows that total volume for the month was $642.7 billion. Binance’s share of the yet-to-be-completed month of November reportedly equates to $481.7 billion.

However, there are discrepancies with other data providers. Their data doesn’t find a massive dominance by Binance.

Coinmarketcap, which was acquired by Binance in April 2020, shows that the exchange currently has $12.5 billion in daily trading volume. It is followed by Coinbase Exchange with $1.5 billion dollars, Kraken with $626 million and KuCoin with $495 million.

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With a total volume of $44.985 billion over the past 24 hours, this only calculates to a much healthier 27.8% market share for Binance.

CoinGecko, on the other hand, tracks 544 crypto exchanges with a total 24-hour trading volume of $59.5 billion. Binance’s market share is actually only 21.7% based on this figure. However, both data providers only provide daily volumes and thus not a complete picture.

Binance Is In The Crosshair Due To Other Reasons

Regardless of the discussion about Binance’s market supremacy, the exchange is in the crosshair of critics due to other reasons. One of the harshest critics is Bitcoin analyst Dylan LeClair.

As he notes, BNB has made 9x in two months during the bull run with barely a retrace, 10x versus BTC since 2021. “Must be a new paradigm,” LeClair wrote and shared the following chart.

Bitcoin vs BNB
Source. Twitter

The analyst drew comparisons to FTX and commented ironically; “I’m sure it was retail that sent BNB 10x in two months. Same with FTT, right?”, and shared a chart of FTT and BNB with a similar price trend.

“It definitely wasn’t the exchange operator with an incentive to drive up the price of their own token to create a feedback loop of attention, hype, and more users…. Definitely not,” LeClair further commented.

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He argues that the outperformance against “everything” is significant, and one should wonder what the reason is.

Who is supporting this market (we know), and do they have infinite money? […] Think of some alts that outperformed this bull run? SOL (Alameda leverage and fraud), AVAX (3AC), LUNA (perpetual motion machine), etc.

To support his conjecture, LeClair also looked at the volume side profile for BNB/BTC spot market and BNB/USDT perpetual swaps (leverage) on Binance. He found a striking disparity.

BNB
Source Twitter

While Binance CEO Changpeng Zhao (CZ) said the exchange never uses leverage, users are encouraged to do so by means of various offers on Binance, according to the claim.

Also, CZ reiterated after the FTX collapse that Binance has never used its BNB token as collateral and has never taken on debt. LeClair only commented, “CZ my man, I really hope you’re telling the truth.”

Jack Dorsey And Others Also Express Criticism

Remarkably, Twitter co-founder and former CEO Jack Dorsey took a stand on the matter, commenting: “All made up.” Dorsey is known as a Bitcoin proponent, but his statement is vague.

His only other comment on the subject was a response to “Bitcoin, not shitcoin” with “yes,” leaving the community in the dark as to whether he supports LeClair’s theses.

All made up

— jack (@jack) November 29, 2022

Renowned on-chain analyst Willy Woo also expressed cautious criticism of Binance, specifically on its Secure Asset Fund for Users (SAFU):

SAFU is misleading marketing. It was boosted to “$1 billion,” but if you look at it closely and factor out the correlated impact of BNB and to a lesser extent BTC, the fund is really only good for 0.5% of the $68 billion in assets on Binance. This is not hate, it is informing the public.

At press time, BNB was down 0.9%, while BTC experienced a small surge and posted a daily gain of 2.5%.

Binance BNB USD 2022-11-30
BNB trading at $300.70, 4-hour-chart. Source. TradingView
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

Read more

His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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