U.S.-based online trading companies that specialize in crypto were hard hit Wednesday when BinanceUS, the largest digital currency exchange in the
U.S.-based online trading companies that specialize in crypto were hard hit Wednesday when BinanceUS, the largest digital currency exchange in the world, removed its bitcion spot trading fees.
BinanceUS now allows its users to trade bitcoin (the largest cryptocurrency) against assets like the U.S. Dollar and other dollar-backed stablecoins free of charge. This eliminates its previous 0.1% levy on transactions less than $50,00.
This move could bring some liquidity to the global crypto market that has lost billions of dollars over the past six week due to a wider bitcoin meltdown as well as the collapse Luna stablecoin.
BinanceUS stated in a statement that it sees this as an opportunity for them to revolutionize how fees are handled in their industry, increase access to crypto and help our customers and market in times of need.
Coinbase Global (?) – Download Coinbase Global Inc Report. The crypto trading revenue of $1.17 Billion for the three months ended March was 9.1% lower than expected. This indicates an opening bell price at $52.20 per coin.
Robinhood Markets (), – Report on Robinhood Markets Inc. which generates much less revenue from crypto trading was marked 3.3% lower at $7.30 per.
Bitcoin prices dropped 4.5% on Monday to $20,129.25 per coin. This is an increase of its year-to date decline to 56.4%.
The collective value of the larger crypto markets has fallen to nearly $1 trillion over the past two years, after peaking at $2.9 trillion last January.
Inflation is on the rise, central banks are signalling rate hikes aggressively, rising bond yields, and a recovering dollar all combine to put downward pressure on crypto assets, even though there has been a wider adoption by various governments to either add to or complement bitcoin in their national currencies.
These moves led cryptocurrency lender Celsius Network last week to stop withdrawals from its deposit base due to what it called “extreme market conditions”.
Binance echoed the sentiment, but temporarily. The exchange cited a “stuck transaction” on the largest crypto trading platform.
Coinbase actually announced last week that it would reduce its workforce by 18%. This level would result in around 1,100 job losses and’substantial’ restructuring charges. It called it ‘another cryptocurrency winter’, which could ‘last for a long time’.