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Binance’s spot trading market share falls to 40% in 2023. Also, news that Hong Kong is mulling the introduction of spot cryptocurrency ETFs sparked lively reactions from the crypto community in the context of the United States dragging its feet over the issue. Meanwhile, the spot Bitcoin (BTC) exchange-traded fund (ETF) frenzy is driving a resurgence in blockchain games, says Yat Siu.
Binance’s spot trading market share falls to 40% in 2023
Binance’s spot trading market share has fallen to 40%. A year ago it stood at 63%, indicating that one of the world’s most popular cryptocurrency exchange platforms has lost about a third of the market in just 12 months. This, according to a Nov. 6 report by blockchain analytics firm 0xScope.
Binance used to be the go-to for crypto trading, but it’s now sharing more of the market. A sign of healthy competition or a change in trader preferences? https://t.co/4nvrIzZGtL
— Cointelegraph (@Cointelegraph) November 6, 2023
According to the report:
“Binance’s spot trading volume has seen a significant decline in the past year, perhaps due to its listing strategy. Most popular coins experienced a downturn immediately after being listed on Binance.”
China ‘does not want to miss out’: Community reacts to HK spot Bitcoin ETF news
The cryptocurrency community is excited about the Hong Kong government reportedly weighing the launch of a spot cryptocurrency ETF amid the ongoing regulatory pushback against th products in the United States.
Hong Kong’s potential entrance into spot crypto ETFs could be a significant development in the context of the economic confrontation between the U.S. and China, BitMEX co-founder Arthur Hayes believes.
Hayes took to X (formerly Twitter) on Nov. 6 to express excitement over competition between the two economies, emphasizing that this competition will eventually be good for Bitcoin.
“Competition is amazing. If the U.S. has its proxy asset manager, BlackRock, launching an ETF, China needs its proxy asset manager to launch one, too,” he wrote.
Competition is amazing. If the US has its proxy asset mngr, BlackRock, launching an ETF, China needs its proxy asset mngr to launch one too.
The US v China economic war is great for $BTC. pic.twitter.com/ok7xipN4M5
— Arthur Hayes (@CryptoHayes) November 6, 2023
Cryptocurrency brand Coin Bureau was also quick to react to the potential spot crypto ETF launch in Hong Kong. According to the Coin Bureau, the U.S. Securities and Exchange Commission (SEC) might be getting some pressure amid other jurisdictions like Hong Kong jumping on the bandwagon of a spot Bitcoin ETF.
“It’s a cursory tale to the SEC that if they continue to stifle capital market innovation in the United States, other countries are going to fill the void,” Coin Bureau wrote on X.
Crypto influencer Lark Davis also stressed that the latest spot crypto ETF news from Hong Kong shows that the Chinese government doesn’t want to miss out on crypto opportunities.
“Hong Kong going to get spot Bitcoin ETFs now! Chinese money does not want miss out,” Davis stated.
Spot Bitcoin ETF hype is driving gamers back on-chain: Yat Siu
The market’s enthusiasm for a possible spot Bitcoin ETF isn’t just driving up the price of Bitcoin, it’s also sparked a resurgence of enthusiasm for blockchain games, says Animoca Brands founder and CEO Yat Siu.
Siu said the increase of cryptocurrency prices across the board reignited investor confidence in Web3 gaming, as well as sparking a fresh wave of on-chain activity.
Over the last month, the most played blockchain-based game in the Animoca Brands roster, Axie Infinity, witnessed a 50% increase in transaction activity and a 14% jump in trading volume, according to DappRadar data.
Siu is confident that the approval of a spot Bitcoin ETF product will be an incredible boon for the industry as a whole, adding legitimacy to the industry while inviting a slew of new investments from traditional financial institutions.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
