Regulatory Changes, Security Challenges, and Strategic Expansion | Major Events in the Crypto Market Q1!

TokenInsight's report on 'Cryptocurrency Exchanges' provides a detailed overview of the trading volume in the crypto market during Q1, as well as changes in market share among various exchanges!

The report specifically points out that the Bybit platform experienced the largest hacking attack in history (with losses of approximately $1.5 billion), causing $ETH to drop significantly more than $BTC's 10%-15% decline, reaching 30%-35%.

Market sentiment turned cautious due to uncertainty in U.S. policies after Trump's rise to power and expectations of interest rate hikes from the European Central Bank.

The total market capitalization of cryptocurrencies fell to approximately $2.7 trillion, a decrease of 22.9% compared to Q4.

The total trading volume of the top ten exchanges decreased by 12.54% compared to Q4.

These factors combined seem to indicate that the market has entered a bear phase.

In terms of market share, Binance ranks first with 36.50%; OKX, Bybit, and MEXC rank second, third, and fourth respectively, each with a share of around 13%.

In the spot market, Binance's share reached as high as 43.9%, further increasing to 45% by the end of the quarter; the report did not provide specific data for other exchanges, but the chart shows Bybit in second place.

In the derivatives market, Binance remains in the top position with a share of 30.3%; OKX ranks second with an average share of 13.0%, and data for other exchanges is not detailed.

It is not surprising that Binance remains in the lead.

However, Bitget's market share was lower than expected; I initially thought it would rank third, but in reality, the third and fourth places are occupied by Bybit and MEXC.

Nonetheless, given the severe hacking attack on Bybit, the subsequent impact could be significant, and MEXC may surpass its ranking?

Additionally, Bitget's recent handling of incidents has been disappointing; regardless of whether the incidents should have occurred, its response was far inferior to Bybit's performance when $1.5 billion was stolen.

This also confirms that when choosing an exchange, security and crisis management capabilities are crucial, which is Binance's competitive advantage!

Recently, numerous institutions and companies have released Q1 reports. For instance, Mr. Wu conducted a thorough analysis of the report on Coingecko the day before yesterday.

He also mentioned in the text: 'The ultimate competitive advantage of an exchange is not traffic, nor the pace of listings, but security.'

I hope everyone's funds can be protected and that they receive proper compensation in the event of risks!