CZ Proclaims Bianance Surge Is Due to BTC ‘Zero’ Trading Fee
Talking to the Twitter crypto community, Changpeng Zhao, the CEO of Binance, tweeted about the surge experienced by the crypto exchange. When the Twitter community observed the gains by Binance, Zhao attributed the surge to BTC’s trading fee in the largest crypto exchange.
This is mainly because BTC trading is 0 FEE on @Binance.
But a joke a supporter posted in a community group: “why the more rumors we spread about Binance, the more market share it gains?” 😂 https://t.co/2nOFBa7VsZ
— CZ 🔶 Binance (@cz_binance) January 6, 2023
Arcane Research observed that Binance’s market share of BTC’s trading volume grew by 92%, establishing its dominance in the crypto industry by the end of 2022. Meanwhile, it was reported that Binance experienced a surge of 45% on Sunday.
Moreover, Arcane research analyzed that Binance also had 66% of the crypto perp volume and 61% of the BTC derivative volumes by the end of the last year.
Binance firmly establishing its dominance in the crypto market, representing 92% of the BTC spot volume, 66% of the crypto perp volume, and 61% of the BTC derivatives volume by the end of 2022. pic.twitter.com/J6dZ9pRkE1
— Arcane Research (@ArcaneResearch) January 5, 2023
After an update in the prices, reports have mentioned the surge witnessed was due to the sudden lifting of the trading fees for Binance’s spot.
Arcane research highlighted Binance in their “2022 Year-in-Review Report.” The analytics company also observed that stablecoins had increased vastly in market dominance in 2022.
On the darker side of the crypto world, Arcane Research also found out that the NFT market collapsed; DeFi and bridge-related hacks accounted for $3 billion; and 2022 was an extremely challenging year for miners after they faced year-to-date drawdowns of 90% approximately.
With the start of the new era, crypto communities are expecting a time of prosperity and success, hoping many crypto projects will rise after surviving the harsh winters. The CEO of Binance also shared a joke by a supporter stating, “why the more rumors we spread about Binance, the more market share it gains?” This is an indication of a possible better future for crypto industries.
