Categories: Crypto NewsNews

Coinbase and Robinhood shares dip, as Binance.US reduces bitcoin trading fees

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Nonhlanhla P Dube

Shares of Coinbase and Robinhood Markets dipped on Wednesday after Binance.US announced zero-fee trading in several bitcoin pairs.

According to Nasdaq data via Trading View, shares of crypto exchange Coinbase were down 5.7 % at R868 at 9:32 a.m. ET. Robinhood, a competitor app for trading stocks and cryptocurrency, was down 1.1 %.

This follows from Binance

Binance US, the major crypto exchange’s American subsidiary, said that it has reduced bitcoin trading costs to zero for chosen pairs. All new and current Binance clients as of today. When trading bitcoin against the US currency, tether (USDT), USD Coin (USDC), or Binance USD, the US will incur no costs (BUSD).

The announcement comes at a time when cryptocurrency exchanges are suffering significant economic headwinds as a result of a larger market decline. Coinbase said last week that it was laying off 18 % of its workforce in order to prepare for the upcoming adverse market conditions.

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Nonhlanhla P Dube

Nonhlanhla P Dube is a senior news reporter at Rateweb. Nonhlanhla is a student of International Relations at the University of South Africa. She reports primarily on personal finance and economics. You can contact her directly by email at nonhlanhla@rateweb.co.za

Published by
Nonhlanhla P Dube
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