2 Winners and 1 Loser in the Binance-FTX Fiasco
As if 2022 wasn't already an eventful one for the industry, the cryptocurrency market just received another suprising bit of news. It was reported that Binance, which is the world's largest crypto exchange based on daily volume, agreed to purchase FTX, the fourth largest, in a major shocker of an announcement.
The potential deal, which has now been called off, would have altered the cryptocurrency market significantly in ways that we probably can't really comprehend. But as a result of these wild couple of days, two winners stand out: Coinbase (NASDAQ: COIN) and Binance Coin (CRYPTO: BNB). The loser is FTX Token (CRYPTO: FTT).
Neil Patel (Coinbase): Coinbase, the biggest crypto brokerage and exchange operator in the U.S., might have been a loser had there been a more formidable opponent and if the merger had gone through. But this isn't the case right now. Binance and FTX primarily operate in overseas markets where Coinbase has less of a presence. A giant in the industry could have damped Coinbase's international growth plans in the future. Nonetheless, Coinbase has a stranglehold on the lucrative U.S. market, which is a good position to be in, regardless of the industry.
Source Fool.com
