Crypto Chronicle with NewsCrypto
Greetings, Crypto Chronicle readers! We're back with another round of crypto news, and it's as exciting as a championship boxing match.
Today we've got the latest on the Celsius Network saga and a heavyweight bout between the top centralized exchanges.
Put on your boxing gloves, step into the ring, and let's get ready to rumble!
Here’s what we got on the menu today:
1. What’s Happening with CEXs?
2. Overview of the Celsius Network Saga.
3. Funny Meme
What's Happening with CEXs?
Today we will do a deep dive into CEXs. These platforms are the bustling marketplaces of the crypto world, where buying, selling, and trading of digital assets happen.
Let's dive in!
Trading Volumes: The Bigger, the Better
Trading volume is like the heartbeat of an exchange. The higher it is, the more life there is on the platform. It's a sign of popularity and liquidity, leading to better price discovery and smoother trades, with less slippage.
In the trading volume race, Binance is the Usain Bolt of CEXs. In June, it clocked a whopping $239 billion in trades, a 12.6% increase from May. Hot on its heels was Coinbase, with a trading volume of $30.8 billion, marking a 14.7% increase. Upbit wasn't far behind, with $20.9 billion in trades, a 19.3% increase. Other contenders in the race were Kraken and Bitstamp, with $16.2 billion (up 17.9%) and $5.13 billion (up 13.0%) in monthly volumes, respectively.
When it comes to derivatives trading, Binance again took the crown, with a monthly volume of $1.21 trillion, a 9.90% increase from May. OKX and Bybit followed, with $416 billion (up 44.9%) and $269 billion (up 9.26%) respectively.
Market Shares: The Battle for Dominance
Market share is like the territory of the exchange in the crypto kingdom. The larger it is, the more dominant the exchange.
As of June, Binance was holding the largest market share among CEXs at 41.6%. However, it did see the largest decline of 1.40%. Binance.US, the American cub of Binance, saw its market share decline by 0.86% to 0.36%. Coinbase's territory stood at 5.36%, a slight decrease of 0.08% from the previous month. Despite these minor shifts, these exchanges remain the kings and queens of the crypto kingdom.
In terms of spot volume, Binance, Coinbase, and Upbit were the top dogs among CEXs. They represented approximately 72.7% of the total volume among Top-Tier exchanges, up from 72.1% in May.
The Last Lap
While Binance continues to lead the pack, other exchanges like Coinbase, Upbit, and OKX are hot on its tail. Binance's recent implementation of the Bitcoin Lightning network might just be the turbo boost it needs to regain some of its lost market share. But in the fast-paced world of crypto, who knows what the next lap will bring?
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Overview of the Celsius Network Saga
Founded in 2017 by Alex Mashinsky, Celsius Network once boasted over 1.7 million customers and $25 billion in assets under management. However, 2022 marked the beginning of a downward spiral. The price of the Celsius (CEL) token plummeted, and the company paused all withdrawals, leaving users in a lurch.
Things took a turn for the worse when Celsius filed for Chapter 11 bankruptcy in July 2022. Around the same time, several U.S. financial regulators issued warnings to Celsius for various allegations, including offering unauthorized securities and making misleading statements.
In 2023, the New York attorney general filed a lawsuit against Mashinsky for allegedly making "false and misleading statements." The Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC) also announced civil cases against Mashinsky, and the Federal Trade Commission (FTC) slapped the platform with a hefty $4.7 billion fine.
As of now, Mashinsky has pleaded not guilty to all charges, and Celsius continues with its bankruptcy proceedings. This saga serves as a stark reminder of the risks in the crypto world.
Stay tuned for more updates on this ongoing story.
Funny Meme
