Kenne Michael 
Coinbase has unexpectedly not managed to capture a larger share of the American cryptocurrency market despite the withdrawal of Binance.US.
Recent Kaiko data reveals that Coinbase’s market share has remained stagnant at approximately 55% since May.
Conversely, competitors such as Kraken and LMAX Digital are expeditiously seizing the opportunity that Binance has vacated.
The United States witnessed an increase in Bitstamp’s presence amidst expanding legal complexities.
Coinbase Slacks Ahead of Kraken
Kaiko’s data indicates that Coinbase, the foremost crypto exchange in the United States based on trading volume, appears stable in its dominant position.
Kraken, trailing Coinbase by a small margin, is advancing incrementally and supplanting it as the market leader.
Data indicates that the 24-hour trading volume on Coinbase is around $2.4 billion, which is considerably less than Binance’s $9.34 billion on the global spot market.
Regulatory Obstacles Cast a Shadow
On the contrary, to compound the difficulties, the crypto industry in the United States is operating under the pall of regulatory ambiguity.
The SEC and CFTC exercise caution, especially regarding allegations of violations of securities regulations.
Significantly, the SEC has initiated proceedings against Binance, its U.S. subsidiary, and its founder, Changpeng Zhao.
They are accused of covertly facilitating transactions against the policies of their U.S. clients.
Coinbase has also been subject to regulatory scrutiny due to accusations of functioning without appropriate registrations.
Notwithstanding these regulatory crises, investors retain a semblance of optimism.
Potential approval of a spot Bitcoin ETF could propel COIN stock to new heights, as Coinbase’s revenue would increase, and the cryptocurrency would receive enormous publicity.
In addition, the company’s earnings in the third quarter of 2023, which are close to breakeven, indicate a positive trajectory toward profitability.
Following an unanticipated earnings beat and a modest surge in after-hours trading, the present value of Coinbase’s stock is $91.96, which signifies a growth of 5%.
