Arcane Research: Binance crushed almost the entire global cryptocurrency market

Analysts from Arcane Research believe that Binance's dominance in the spot market began in the summer when the crypto exchange canceled fees for some trading pairs. Arcane Research has published a report showing that in 2022, the dominance of the world's largest cryptocurrency exchange Binance in the market has grown significantly.. In many ways, this was facilitated by the collapse of platforms such as FTX and Celsius.. As of December 28, Binance holds 92% of the Bitcoin spot market and 61% of the BTC derivatives market.. Spot trading volume indicator shows the total amount of bitcoin transactions on spot exchanges per day. Arcane says there is no one that compares to the Binance crypto exchange in terms of performance. In fact, analysts say, Binance is the digital currency market itself.. At the beginning of 2022, the crypto exchange occupied 45% of the spot market, that is, there was an increase of almost two times in a year. Plus an increase of a third of the share of the derivatives market. The rise in dominance in the spot market, analysts say, began in the summer when the crypto exchange canceled commissions for some trading pairs.. Also, the global reach increased after the purchase of the Indonesian cryptocurrency brokerage company Tokocrypto and the Japanese trading platform Sakura Exchange BitCoin. What’s more, Binance has become one of the few crypto companies to actively hire employees throughout the year instead of firing them like competitors.. However, Arcane believes that the crypto exchange will reintroduce fees in 2023. In December, about a dozen investors from France sued the local division of Binance Holdings, accusing the company of deceit and fraud.. They claimed that Binance violated French advertising laws.