- HTX Exchange, formerly known as Huobi, recently achieved a significant milestone by surpassing Coinbase in daily spot trading volumes.
- This development marks a notable shift in the competitive landscape of cryptocurrency exchanges.
- Justin Sun, a key figure behind the TRON blockchain and an investor in HTX, highlighted this achievement on social media.
HTX Exchange surpasses Coinbase in daily spot trading volumes, signaling a shift in the crypto exchange landscape.
HTX Exchange Recorded $1.81B Spot Trading Volume
On May 27, HTX Exchange recorded a spot trading volume of $1.81 billion, temporarily surpassing Coinbase’s $1.58 billion. This milestone was shared by Justin Sun on social media, emphasizing the exchange’s growing influence in the crypto market. However, recent data from CoinGecko indicates that Coinbase has reclaimed its position, processing a $2.2 billion trading volume in the past 24 hours, compared to HTX’s $2.1 billion.
HTX’s Rebranding and Market Position
HTX, one of the oldest cryptocurrency exchanges, celebrated its 10-year anniversary in September 2023 by rebranding from Huobi to HTX. This rebranding was met with mixed reactions, with some drawing parallels to the collapsed exchange FTX. Despite the controversy, HTX has continued to solidify its position in the market, as evidenced by its recent trading volume milestone.
HTX Exchange Latest Milestone Linked to Coinbase Legal Challenges
The temporary decline in Coinbase’s spot trading volume can be attributed to its ongoing legal battles in the United States. The SEC has filed a lawsuit against Coinbase, accusing it of offering unregistered securities and failing to register as a broker, national securities exchange, or clearing agency. This legal pressure has impacted Coinbase’s market performance, allowing HTX to temporarily surpass it in trading volumes.
Coinbase’s Legal Struggles and Strategic Responses
Coinbase has been actively defending its business practices in court. In March 2024, a U.S. court denied Coinbase’s motion to dismiss the SEC’s case, allowing the regulatory body to continue its pursuit. In response, Coinbase filed a memorandum in support of its interlocutory appeal in May 2024, seeking to overturn the court’s earlier decision. Additionally, Coinbase faces a lawsuit from its customers, further complicating its legal landscape.
Conclusion
The recent milestone achieved by HTX Exchange in surpassing Coinbase’s daily spot trading volumes underscores the dynamic and competitive nature of the cryptocurrency exchange market. While HTX’s rebranding and strategic moves have bolstered its market position, Coinbase’s ongoing legal challenges have created opportunities for competitors. As the legal battles unfold, the crypto exchange landscape will continue to evolve, with market participants closely monitoring these developments.
