They are both popular for different reasons. It’s likely that you have access to one or both of these exchanges, depending on your requirements and where you live in the world. There’s a lot to consider when determining and comparing several crypto exchanges, and in this guide, we are focusing on two of the most popular exchanges: Coinbase ( COIN) and Binance. Other exchanges may be a perfect fit but not available within the users’ jurisdiction. Different platforms provide varying services, cover a range of geographic locations, and charge a variety of prices.Ī good exchange is a matter that is subjective to the user as one platform may have features that are essential to one person and non-essential to another. IntroductionĬhoosing which cryptocurrency exchange to use for your activities within the blockchain scene is an important decision. They may offer similar services in the same market, but they do so very differently, and in this guide, we will focus on these similarities and differences to determine which one between the two is the better choice. Bitcoin has declined 23.8% the past three months, as of early Wednesday trading.Ĭopyright (c) 2022 Dow Jones & Company, Inc.Coinbase and Binance are two of the most popular cryptocurrency exchanges for different reasons. A reading of 1.00 would imply they are perfectly matched.Ĭoinbase stock has slumped 42.0% over the past three months through Tuesday, while the S&P 500 index has lost 7.1%. Since Coinbase shares started trading on April 14, 2021, the correlation coefficient between the stock and bitcoin has been 0.91, according to a MarketWatch calculation of FactSet data. Separately, bitcoin plunged as much as 16.8% intraday before paring losses to close down 9.8% at $18,554, according to FactSet data, the lowest close since Sept. It also creates a "formidable" position in international markets, which is a growth market for Coinbase. Her $46 stock-price target implies a further 7% drop from current levels.Ī Binance-FTX combination would represent a "significant consolidation and a global crypto powerhouse in crypto trading," Rawat said. Rawat reiterated the market-perform rating she's had on Coinbase stock since she started covering the company soon after it went public in April 2021. "Even though Binance and FTX don't directly compete with Coinbase (Binance.US and FTX US do, but they are much smaller), we believe this deal represents a seismic shift in competitive landscape." "This is a big deal," wrote Bernstein analyst Harshita Rawat in a note to clients. The selloff comes after Binance, the world's largest crypto exchange, said it had signed a letter of intent to buy rival FTX, which faced a "significant" liquidity crunch. Trading volume ballooned to 61.9 million shares, compared with the full-day average over the past 30 days of about 11.4 million shares. The stock (COIN) sank 10.8% to $50.83, the lowest closing price since July 1. tumbled in active trading Tuesday as the cryptocurrency platform faced concerns over increased competition from the Binance-FTX merger deal. Shares of crypto platform fall to 4-month low, while bitcoin sank nearly 10%
0 Comments
Leave a Reply. |
Details
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |