{"id":23616,"date":"2023-06-16T16:29:43","date_gmt":"2023-06-16T20:29:43","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/crypto-exchanges-kraken-bybit-and-bitget-gain-ground-after-ftx-collapse\/"},"modified":"2023-06-16T16:29:44","modified_gmt":"2023-06-16T20:29:44","slug":"crypto-exchanges-kraken-bybit-and-bitget-gain-ground-after-ftx-collapse","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=23616","title":{"rendered":"Crypto Exchanges Kraken, Bybit, and Bitget Gain Ground After FTX Collapse"},"content":{"rendered":"
\n

Smaller crypto exchanges such as Kraken, Bybit and Bitget are finally getting their time in the spotlight after their more dominant rival FTX collapsed last year, according to findings in a new report from blockchain analytics firm Nansen.<\/p>\n

In the report, Nansen said the landscape for centralized exchanges (CEXs) has changed after the FTX collapse, with most exchanges taking a hit to their trading volumes as traders got more cautious.<\/p>\n

Still, there were some notable exceptions to this, with a number of smaller exchanges that instead saw increased trading volumes.<\/p>\n

Among the exchanges that have seen rising volumes were UAE-based exchange Bybit and the US-based veteran crypto exchange Kraken, the report said.<\/p>\n

The two exchanges increased their average monthly trading volume from the 6 months prior to the collapse to the 6 months after the collapse by 7.65% and 14.35%, the report found.<\/p>\n

Meanwhile, Bitget, an exchange particularly popular among Chinese and South Korean crypto traders, has been among the exchanges that have lost the least volume post-FTX collapse with a 7.29% fall in volume over the same period.<\/p>\n

The strong performance by the three smaller players is notable given the fact that Binance still \u2013 and by far \u2013 remains the world\u2019s largest exchange by volume, despite seeing a decline in market share after the latest regulatory crackdown.<\/p>\n

And while most CEXs did take a hit to their trading volumes after the FTX bankruptcy, the Nansen report noted that decentralized exchanges (DEXs) have not suffered the same fate.<\/p>\n

Instead, DEX trading volumes have remained \u201crelatively stable,\u201d the report said.<\/p>\n

This trend \u201cmay be attributed to lesser trust in centralized exchanges following FTX\u2019s collapse, in addition to further regulatory uncertainty,\u201d it added.<\/p>\n

Transparency becoming more important<\/h2>\n

In addition to a more level playing field for smaller exchanges, part of the changes that have been seen post-FTX is also a renewed focus on transparency in the industry.<\/p>\n

In particular, this has been seen with the many so-called proof-of-reserve statements that major exchanges have published.<\/p>\n

According to Nansen, these types of statements do not necessarily guarantee that an exchange is solvent, but should still be considered a new \u201cminimum standard\u201d that can be expected from crypto exchanges.<\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Smaller crypto exchanges such as Kraken, Bybit and Bitget are finally getting their time in the spotlight after their more dominant rival FTX collapsed last year, according to findings in a new report from blockchain analytics firm Nansen. In the report, Nansen said the landscape for centralized exchanges (CEXs) has changed after the FTX collapse, […]<\/p>\n","protected":false},"author":1,"featured_media":23617,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-23616","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"\nCrypto Exchanges Kraken, Bybit, and Bitget Gain Ground After FTX Collapse | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Smaller crypto exchanges such as Kraken, Bybit and Bitget are finally getting their time in the spotlight after their more dominant rival FTX collapsed\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=23616\" \/>\n<meta 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