Bernstein Believes Binance Will Not Lose its Leading Position

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According to Bernstein, Binance is positioned to maintain its dominance in the cryptocurrency trading market, despite a decrease in its spot market dominance since the beginning of 2023.

The recent resignation of Changpeng Zhao as CEO has complicated the company’s prospects, however, the Bernstein report predicts that Binance will stay in the top spot among Bitcoin exchanges.

The authors of the report suggest that resolving the ongoing investigation by American authorities will help restore investor confidence in the exchange.

Following reports of Zhao’s resignation, traders withdrew over $1 billion worth of digital assets from Binance wallets.

However, Bernstein notes that Binance still holds the majority of cryptocurrency deposits, totaling $67 billion.

Additionally, analysts from Bernstein believe that Binance has enough reserves to pay the $4.3 billion fine that it may face as a result of the investigation.