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HTX Surpasses Coinbase in Daily Spot Trading Volumes
HTX (formerly Huobi) achieved a significant milestone by surpassing US-based Coinbase in daily spot trading volumes for the first time. Justin Sun, a key figure in the TRON blockchain and an investor at HTX, shared the news on social media. HTX traded $1.81 billion worth of cryptocurrencies in 24 hours, outpacing Coinbase’s $1.58 billion.
HTX Exchange Recorded $1.81B Spot Trading Volume
For the first time, HTX Global exceeded Coinbase in spot trading volume. This marks a promising start for HTX, indicating growth in the market.
Coinbase Spot Trading Volume Now Tops HTX
Recent data from CoinGecko shows that Coinbase has regained the top spot in trading volume. In the last 24 hours, Coinbase processed $2.2 billion in trades, solidifying its position as the third-largest crypto exchange globally, following Bybit and OKX. HTX traded around $2.1 billion during the same period, positioning it just below Coinbase.
HTX, formerly known as Huobi, celebrated its 10-year anniversary in September 2023, coinciding with a rebranding effort to HTX. The rebrand sparked discussions within the crypto community, drawing comparisons between HTX and the collapsed exchange FTX.
HTX Exchange Milestone Linked to Coinbase Legal Challenges
Coinbase’s decline in spot trading volume coincided with legal challenges in the United States. The SEC filed a lawsuit against Coinbase, alleging the exchange offered unregistered securities and failed to comply with regulatory requirements.
In March 2024, a US court rejected Coinbase’s motion to dismiss the SEC’s case, allowing the regulatory body to proceed with its claims. In response, Coinbase filed a memorandum supporting an interlocutory appeal to challenge the court’s decision and address legal pressures.
Furthermore, Coinbase faced additional legal troubles as customers filed a lawsuit against its subsidiaries for alleged violations of securities laws.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
