Bitcoin spot trading volume on FTX surpassed Coinbase for the first time, reaching $30 billion in one month.
Tushar Jain, co-founder of Multicoin Capital (owners of FTX), shared the chart below showing the moment when FTX surpassed Coinbase in terms of trading volume.
Coinbase is going through a tough time in 2022 as they recently announced that they will be stopping new hires and canceling job offers for newbies. The company’s share price also fell from a high of $342 per share to just $69, a 79% drop.
Changes to its terms also raised concerns, with language updated in May regarding potential “bankruptcy”. Even with the announcement of new offerings like the NFT market, Coinbase is struggling to maintain momentum during this bear market.
According to Coinmarketcap, FTX is now the second largest centralized exchange in terms of trading volume. Binance still tops the list with an impressive $17 billion per day, but FTX is now trading over $2 billion per day in second place.
In addition, the FTX token, FTT, is in fourth place among the centralized exchange tokens according to the chart in CyptoSlate’s asset directory. The FTT token is up 5% weekly and only LEO Bitfinex is ahead of it at position 2 with an 8% gain over the past seven days.
Interesting, volume monitoring A tool on the FTX website suggests that OKX is second in spot volume at $5 billion per day. However, Coin Gecko ranks FTX as the second best among exchanges with a 10/10 trust rating. Other exchanges such as WhiteBIT, LBank, and XT.com are reporting higher spot trading volumes, but these exchanges currently have a 9/10 trust rating from Coin Gecko. It is not known why FTX is reporting that OKX has much higher trading volume than other sources.
US Exchange, FTX, not yet released with the IPO, as the board is wary of entering a bear market. The company was valued at approximately $32 billion early in the year, so a future IPO could start off with an even higher valuation given its recent success.
Credit : cryptoslate.com