As a long-term crypto investor with a deep interest in the industry’s developments, I find Justin Sun’s announcement of HTX surpassing Coinbase in spot trading volumes for the first time to be an exciting milestone. Having closely followed the cryptocurrency exchange landscape for years, I can attest to the significance of this achievement.
As a cryptocurrency market analyst, I’ve noticed an intriguing development: For the first time, HTX has taken the lead over Coinbase in terms of daily spot trading volumes.
On May 27th, Justin Sun, the creator of the TRON blockchain and a strategic advisor for HTX, made this milestone known through a post on social media platform X.
Sun Declares it’s ‘Just the Beginning’
As a crypto investor, I’m thrilled to share that HTX has recently achieved a noteworthy milestone: surpassing Coinbase in spot trading volume for the first time. This accomplishment fills me with optimism about the platform’s future, as it signifies only the beginning of HTX’s growth trajectory.
For the very first time, the trading volume for spot transactions on HTX_Global surpasses that of coinbase. This is an exciting development as we continue to grow and expand our offerings.
— H.E. Justin Sun 孙宇晨 (@justinsuntron) May 27, 2024
As a crypto investor, I’d say: According to CoinGecko’s latest statistics, HTX handles approximately $2.4 billion in daily spot trading volumes, making it one of the biggest crypto exchanges globally. It ranks among the top five, following closely behind Binance, Bybit, OKX, and Gate.io.
Approximately $2 billion worth of spot trades are facilitated daily through Coinbase, the prominent US cryptocurrency exchange, ranking it second to HTX and Bitrue in terms of trading volume.
HTX, previously called Huobi, is a well-established and significant player in the global cryptocurrency exchange market, having been in operation for over a decade. To mark its 10th anniversary in September 2023, the platform underwent a rebranding and is now known as HTX.
Approximately two months ago, HTX generated buzz by announcing their intention to contribute all earnings from Slerf trading on the HTX Global platform towards charitable causes. This altruistic endeavor was designed to reimburse private sale participants and bolster Slerf’s fee mining mechanism on HTX.
My personal HTX account balance (just for those who are saying I’m not using HTX much) @HTX_Global
— H.E. Justin Sun 孙宇晨 (@justinsuntron) February 27, 2024
In the cryptocurrency world, there has been much talk about Justin Sun’s engagement with HTX. Not too long ago, he revealed the contents of his own HTX wallet on platform X. This disclosure came after questions and doubts emerged regarding his ongoing involvement and commitment to HTX, given his prominent position as a global advisor for the company.
Coinbase’s Legal Challenges
Coinbase’s ranking in exchange volume has dropped recently as the company deals with several legal issues in the US.
In June 2023, the United States Securities and Exchange Commission (SEC) brought securities charges against Coinbase. The SEC claims that the company has been functioning as an unlicensed exchange, broker, and clearing house.
In March 2024, the court denied Coinbase’s motion to dismiss the ongoing case. However, undeterred, Coinbase filed a memorandum on May 24th, outlining its arguments for an interlocutory appeal. The goal is to challenge a particular ruling in this legal battle.
The US Supreme Court recently made a decision contrary to Coinbase in a dispute over a $1.2 million Dogecoin giveaway from 2021. This legal setback may have affected Coinbase’s trading activity, potentially allowing HTX to advance in the marketplace.
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2024-05-29 01:24