Breaking Down Huobi and Binance's Market Share

The chart of the day is brought to you by crypto dot com. The world's fastest growing crypto app. Take a look at the chart of the day. According to Cao data hube, market share has surged from around 3% to 19% in just a couple of months. In the same time period. Trade volume on the platform has seen a significant increase despite rumors of insolvency and executive detentions sparking outflows at the beginning of August earlier this month, it was reported that several executives were arrested in China causing outflows from the exchange to increase. A spokesperson for Huby refuted claims that any team member had been detained at the time. At the same time, Hube stable coin exchange balances dipped by 33% with traders withdrawing $49 million worth in stables. The chart shows Binance losing sub market share as it faces a lawsuit from the SEC and trouble with other regulators worldwide. A recent secret filing from the SEC has observers bracing for more bad Binance news. If that becomes a reality, Binance could lose more market share to smaller exchanges. That's it for today's chart of the day. I'm Jenna we'll see you next time to unpack more of the data behind top news stories.