Report: Coinbase loses second place in global top ranking

American crypto exchange Coinbase appears to be losing traction in global trading volume amid fierce competition sparked by the launch of spot Bitcoin ETFs in the U.S.

Binance has experienced a notable surge in altcoin trading volume, although its overall market dominance remains strong at 54%. However, its share of Bitcoin and Ethereum trading has decreased from 59% to 43% compared to last year, reflecting shifting market dynamics influenced by risk sentiment and bearish trends. Meanwhile, Bybit has made strides in its growth, yet faced setbacks as Wall Street, through Citadel Securities-backed Hidden Road, ceased client access due to concerns over Bybit's KYC/AML procedures. Bybit has acknowledged the issue, emphasizing its commitment to transparency and pledging updates as their review progresses.