BinanceCoin (BNB) cryptocurrency reacted euphorically to reports that Binance absorbed one of its main competitors, the FTX exchange:
- If the acquisition is successful, Binance will undeniably become the world's largest cryptocurrency exchange and will increase its share in the US market which so far dominated by FTX, Coinbase and Kraken;
- The FTX exchange have an average of about 5 million user visits per week, of which nearly 1 million comes from the US. Recently, FTX has also become the second largest cryptocurrency exchange after Binance in terms of the daily transaction volume of clients;
- Until now, Binance has dominated the European and Asian markets. The acquisition of FTX would also increase the market share of Binance in the US which would become the main competition for Coinbase.
BinanceCoin rose sharply following the announcement. Source: xStation5
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