– FTX overtook Coinbase as the second biggest centralized crypto exchange in terms of market share in May, according to The Block Research.
– Binance was still the dominant player in the market by far, with a 64.1% share.
– Coinbase has recently faced some struggles, posting a net loss of $430 million for Q1 2022 and falling on the stock market by roughly 36% in May.
– The company has pointed toward current market conditions, with declining prices in crypto across the board, as a driver for its most recent results, as well as a reason to tread with caution.
– Last week, Coinbase became the first crypto company to enter the Fortune 500.
– Overall, crypto trading volumes increased by 19.6% in May, hitting a total of $830.4 billion, according to The Block’s legitimate volume index.