Coinbase Income Vanished With the Fed’s Monetary Reversalĭuring the bull run of Q4 2021, Coinbase had its best year to date, at $840 million net income, which is more than double the previous quarter at $406 million. The next in line was Coinbase, with only a fraction of Binance’s daily volume, while the rest of the top five exchange exchanges are barely above the $1 billion volume threshold. This eventually stabilized but left Uniswap above the weekly $1 billion volume range.Īt the end of the FUD line, this left Binance in a domineering market position, at nearly 60% market share. Without third-party intermediaries and connecting only via non-custodial wallets, DEXes gained traction. Likewise, in November, users had withdrawn $3.5 billion in Bitcoin from Coinbase.ĭecentralized exchange Uniswap received a massive 11x uptick in trading volume following the week FTX crashed, going from $527 million to $5.9 billion. Forbes’ analysis showed that Binance suffered a $12 billion asset outflow in the last two months. Given FTX’s positioning as the third-largest exchange before its crash, trust seemed to have eroded in the concept of a centralized crypto exchange. But how does the rest of the year look for the crypto exchange? Binance Dominated Post FTX Crash While Coinbase suffered through last year, it has made some recent gains early this year, with its shares gaining 48% since this year began. What makes Coinbase different from Binance is that it’s a regulated public company privy to more regulations and scrutiny. Two of the biggest of those exchanges were Coinbase and Binance. Due to the fraudulent nature of its demise, other centralized exchanges were under pressure. Please consult our website policy prior to making financial decisions.įTX’s collapse had a visible impact on how investors viewed crypto exchanges. Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice.
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