Binance’s Bitcoin volume plummets after end of zero-commission trading
The drop in Bitcoin (BTC) activity on Binance, a cryptocurrency exchange, has been attributed to the removal of zero-commission trading in September. Bloomberg experts noted a 26% drop in average seven-day volume since the start of September. TrueUSD ended commission -free trading of BTC and stablecoins on Sep. 7, resulting in an 89% decline in the average seven-day volume of this trading pair. Additionally, Binance has seen withdrawals of approximately 12,230 BTC worth $330 million since August, along with an outflow of approximately 198,200 Ethereum (ETH) worth about $323 million. Bitcoin represents roughly half of the $1 trillion crypto market, while Ether accounts for about 20%. You might also like: Binance’s Bitcoin trading volume declined by 57% in September Previously, a significant decrease in trading volume occurred in March following the conclusion of a zero fees promotion, causing Binance’s spot trading market share to fall from 65% to 58.8%. Binance...