Coinbase Faces Stiff Competition as Asian Exchanges Surge

Declining Trading Volumes at Coinbase

It seems that the once-prominent Coinbase is experiencing a dramatic plummet in trading volume, down nearly 85% since the beginning of 2018. According to industry newsletter Diar, these numbers reveal a troubling reality for the largest U.S. cryptocurrency exchange. What was once a lively marketplace is now more like a sleepy corner store, with traders opting for flashier options overseas.

The Rising Stars: Binance and OKEx

While Coinbase is hitting the brakes, Binance and OKEx are firing on all cylinders. Binance, in particular, has seen an impressive 21% uptick in trading volume this July compared to June. This is akin to a sports team that turns its losing streak around and suddenly becomes a contender for the championship! OKEx has also managed to post record volumes, positioning itself as a formidable player in the industry.

Raw Numbers Don’t Lie

The figures from the first half of 2018 tell a sobering tale for U.S. exchanges. Just to put it into perspective, Coinbase’s USD traded volume has sank by 83%, while Bitstamp isn’t that far behind at 73%. Even Kraken, another major player in the U.S., is feeling the strain of reduced activity. In the world of cryptocurrency, if you’re not growing, you’re shrinking!

Why Binance is Winning Hearts (and Wallets)

Despite the downturn in altcoin prices this year, Binance has cleverly turned this to its advantage by offering a wide range of trading pairs. It’s like having a buffet of delicious options while everyone else is stuck with plain rice! According to Diar, over 50% of traded volumes revolve around the most popular cryptocurrencies such as Bitcoin, Ethereum, XRP, Bitcoin Cash, and Litecoin.

Coinbase’s Counter-Measures

Coinbase isn’t just sitting back and letting the competition steamroll it. They are making strategic moves to adapt. Their Paradex subsidiary now hosts Binance’s native BNB token alongside Huobi’s HT token, which indicates an effort to lure traders back into their fold. If you can’t beat them, make sure you have their best assets!

Global Expansion Race

To stay competitive in this increasingly crowded marketplace, Coinbase, Binance, and OKEx are all on a mission to expand internationally. It’s a race to see who can set up shop in new territories first while the others scramble to catch up. Only time will tell who will emerge as the leader in this global game of blockchain chess.