FTX surpasses Coinbase in bitcoin trading volume

In a year and a half, the crypto exchange’s market share has risen from 5% to 44%

01.06.2022 - 10:15

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What’s new? In May, cryptocurrency exchange FTX surpassed Coinbase for the first time ever in terms of BTC trading volume. Over the past 18 months, FTX’s global bitcoin trading market share has increased from 5% to 44%. Coinbase’s market share is at 30%. This data is provided in a weekly report by market data provider Kaiko.

The full version of the report

What other data has been published? In May, a sharp increase in trading volume was recorded on the FTX, a trend that intensified after the collapse of the Terra ecosystem. Coinbase managed to keep its market share relatively stable at 30%. Whereas Bitfinex, Kraken, Bitstamp, and Itbit exchanges faced a decline in trading volume.

Source: Kaiko.com

What events happened before? In May, The Wall Street Journal journalists reported cases of insider trading on leading global platforms — Binance, FTX, and Coinbase. The journalists revealed that some crypto wallets were buying up a number of digital assets en masse shortly before official announcements about their listing on the platforms.

FTX head Sam Bankman-Fried reportedthat he was looking to fund the 2024 US presidential election. The planned budget is between $100 million and $1 billion. He previously bought a 7,6% stake in the online broker Robinhood for $648,29 million. In 2022, Bankman-Fried was ranked second on Forbes’ list of the richest people in the crypto industry, with an estimated fortune of $24 billion.

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