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Crypto News – HTX Crypto Exchange Surpasses Coinbase in Trading Volumes

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Crypto News - HTX Crypto Exchange Surpasses Coinbase in Trading Volumes

HTX Crypto Exchange Outperforms Coinbase in Trading Activity

Crypto News- In a significant turn of events, cryptocurrency trading platform HTX, formerly known as Huobi, has surpassed the renowned United States-based exchange, Coinbase, in spot trading volumes. This milestone was proudly announced by none other than Tron founder Justin Sun, who acts as an advisor to HTX and holds substantial assets on the platform.

HTX’s Position in the Global Crypto Exchange Rankings

With a resounding declaration on X, Sun heralded HTX’s ascent to the top, citing data from the reputable crypto data aggregator CoinGecko. According to CoinGecko’s latest figures, HTX now commands a daily spot trading volume of approximately $2.4 billion, solidifying its position as the fourth-largest crypto exchange globally, trailing only behind industry giants like Binance and Bybit.

Coinbase Falls Behind

Coinbase, once a titan in the crypto realm, now finds itself trailing behind HTX and Bitrue exchange, managing around $2 billion in spot trading volumes. This shift in the exchange landscape has not gone unnoticed, as it reflects in the data provided by CoinMarketCap as well.

Crypto News - HTX Crypto Exchange Surpasses Coinbase in Trading Volumes

Despite numerous attempts to reach out for comment, both HTX and Coinbase remained silent, leaving the crypto community to speculate on this monumental development.

Legal Challenges Plague Coinbase

Coinbase’s decline in exchange volume rankings coincides with its ongoing legal battles in the United States. Since facing a securities violation lawsuit from the U.S. Securities and Exchange Commission (SEC) in June 2023, Coinbase has been embroiled in a legal tug-of-war. In a recent setback, a U.S. court denied Coinbase’s motion to dismiss the SEC’s case, allowing the regulator to pursue allegations of operating an unregistered exchange, broker, and clearing agency.

Amidst the turmoil, HTX stands tall as one of the industry’s veterans, celebrating its 10th anniversary with a bold rebranding from Huobi to HTX in September 2023. However, the decision stirred controversy within the crypto community, drawing comparisons to the ill-fated exchange FTX.

HTX’s Symbolism and Resilience

Nonetheless, HTX’s journey continues, with its new name symbolizing a fusion of its roots with Sun’s visionary blockchain project Tron. As the crypto landscape evolves, HTX remains a formidable force, reshaping the industry one trade at a time.

Frequently Asked Questions (FAQ)

What is the difference in spot trading volume between HTX and Coinbase?

According to CoinGecko data, HTX has a daily spot trading volume of approximately $2.4 billion, while Coinbase’s volume in this area is around $2 billion.

Who announced the success of HTX and why is it significant?

The success of HTX was announced by Justin Sun, the founder of Tron. Sun serves as an advisor to HTX and holds significant assets on the platform. Therefore, HTX’s surpassing of Coinbase is considered a significant milestone.

What kind of challenges does Coinbase face amidst its decline?

Coinbase’s decline coincides with various legal challenges in the United States. The company is facing a securities violation lawsuit from the U.S. Securities and Exchange Commission (SEC), which is still ongoing.

When and why was the rebranding decision made for HTX?

HTX celebrated its 10th anniversary in September 2023 and decided to rebrand from Huobi to HTX. This decision was made to reflect its significant history and its association with Justin Sun’s Tron project.

For the latest in crypto updates, keep tabs on Crypto Data Space.

Crypto News - HTX Crypto Exchange Surpasses Coinbase in Trading Volumes

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