Share Prices of Coinbase Dip Following a Major Announcement Made by its Rival Binance.US

Share Prices of Coinbase Dip Following a Major Announcement Made by its Rival Binance.US

The share prices of Coinbase, a publicly-listed cryptocurrency exchange, have experienced a dip in the stock prices. Coinbase’s share prices experienced a dip after an announcement made by one of its rival cryptocurrency exchanges, Binance.US.

Binance.US is the largest cryptocurrency exchange with respect to market valuation. The cryptocurrency exchange has made an announcement that has stolen away from the spotlight from Coinbase despite the exchange being listed publicly.

Binance.US Defeats Coinbase

Bitcoin Revolution is a crypto trading tool for investing in the crypto market with an %88 average win rate on trades and is the #1 trading software for crypto traders from all around the globe in 2022. Try it For FREE Today. 

Binance.US has just announced that it has reduced the transaction fees for particular trading features to zero. This means that the users will be able to trade Bitcoin and other cryptocurrencies through the particular features without paying any fees.

Following the announcement of no fees by Binance.US, the stock market observed an almost 10% drop in the share prices of Coinbase. Binance.US has announced that the users will incur no transaction fees when interacting with the spot trading features for Bitcoin and stablecoins.

The stablecoins announced by Binance.US are Binance USD (BUSD), USD Coin (USDC), and Tether (USDT).

Dip in Coinbase’s Share Prices

To be precise, the share prices for Coinbase have experienced a 9.7% dip in the stock market. Coinbase wasn’t the only cryptocurrency trading platform that ended up facing a dip in stock prices. Robinhood also ended up facing a dip but it was a slight 1% dip.

Binance.US seems to have made a very strategic move given the current situation of the cryptocurrency market. At present, the cryptocurrency market is plagued by constant pressure and a lack of interest from the investors’ side.

However, the affiliate of Binance has made this move to attract more investors to its corner. It has given investors the opportunity of generating higher profits by investing in trades that cost zero transaction fees.

The announcement is a huge opportunity for the Bitcoin investors who had turned bearish given the recent dip Bitcoin had suffered. It had reportedly been pushed down to the $18k level, which was the lowest it had experienced since 2018.

Coinbase’s Strategy has Become Stale against Binance

Coinbase has been in competition with Binance ever since it came into being in 2017. It was in April 2021 when Coinbase went public hoping it would gain more mainstream attention. Unfortunately, the crypto sector ended up facing a demise a month after Coinbase went public.

From then until now, the general situation of Coinbase has been in the negative zone. With the recent announcement, Binance.US has dealt a low blow to Coinbase and it’ll find it very difficult to recover from it.

Coinbase will soon need to come up with something special and appealing to the public investors so it can increase its revenue, and exhibit a surge in its trading prices.

start trading

Best Forex World is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. Some of the content on this site (not all) is paid content that is not written by our authors and the views expressed do not reflect the views of this website. Any disputes you may have with brands or companies mentioned in our content will need to be taken care of directly with the specific brands and companies. The responsibility of our readers who may click links in our content and ultimately sign up for that product or service is their own. Cryptocurrencies, NFTs and Crypto Tokens are all a high-risk asset, investing in them can lead to losses. Readers should do their own research before taking any action.

homes Previous post Month of May Saw Stronger Sales of New Homes in US
Next post OrbitGTM Review 2022 – Is It a Good Broker?