HTX Historically Outranks Coinbase In This Key Metric

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As a long-term crypto investor with a keen interest in following the latest developments in the industry, I find Justin Sun’s announcement about HTX Global surpassing Coinbase in trading volume quite intriguing. Based on my observation of the market and the ongoing activities within it, I believe that this is indeed a significant milestone for HTX.

Justin Sun, the founder of TRON, announced on X that Coinbase, a popular American cryptocurrency exchange, now faces strong competition from a newcomer, HTX Global.

HTX Marks New Milestone

In his recent post, Sun highlighted the astonishing increase in trading volume for HTX Global, surpassing that of Coinbase. The graph indicated a peak of $2.05 billion in spot trading volume for HTX Global within a 24-hour period. Coinbase followed closely behind with a volume of $1.5 billion. This is the first instance of such significant growth for the crypto exchange over the well-known Coinbase, led by Brian Armstrong.

As a crypto investor, I’m excited to share that for the first time, HTX Global’s spot trading volume surpasses Coinbase’s in my portfolio. This is an encouraging sign of growth, and I believe we’re only scratching the surface of what’s to come.

— H.E. Justin Sun 孙宇晨 (@justinsuntron) May 27, 2024

The HTX cryptocurrency exchange was outpaced in terms of trading volume only by OKX and Bybit, which handled transactions worth $2.6 billion and $3.8 billion respectively. This notable achievement could be attributed to the bustling activities ongoing on the platform. Approximately two months ago, HTX made headlines with a charitable initiative: they committed to donating all revenues generated from Slerf trading on HTX Global towards compensating private sale participants and boosting Slerf’s trading fee mining on HTX.

Noteworthy is the fact that this platform has surpassed its competitors in performance over the past few months. Sun, who serves as a global advisor for the protocol, holds significant influence. However, some crypto enthusiasts believe that he interacts less frequently with HTX than expected.

As a researcher looking into the cryptocurrency world, I came across an interesting development in February when Sun, the founder of TRON, chose to disclose his holdings on the HTX exchange. This move aimed to clear up any misunderstandings about his infrequent use of the platform, which some may have mistakenly perceived as a lack of interest or engagement. It is essential to note that Sun’s connection with HTX goes beyond his tenure at Huobi, the renowned cryptocurrency exchange that later rebranded into HTX.

Coinbase Face Regulatory Hurdles

Instead of “On the other hand, Coinbase is currently caught in between multiple regulatory issues,” you could say “Coinbase faces numerous regulatory challenges at present.” As for your specific example, it could be paraphrased as “Last week, the SEC and Coinbase jointly requested a court order in the Southern District of New York to keep certain confidential information hidden from public view in their ongoing lawsuit.”

Expert: In their joint application, parties Katherine Polk Failla acknowledged received the request to conceal certain documents. The reasoning behind this sealed-document status was articulated by both sides. Primarily, these documents consist of intricate financial transactions, internal control mechanisms, and confidential business strategies.

As a researcher studying the cryptocurrency market, I’ve come across some noteworthy developments regarding Coinbase and Dogecoin. The U.S. Supreme Court recently made a ruling against Coinbase in relation to a $1.2 million Dogecoin sweepstakes dispute from 2021. Given this legal setback, it’s plausible that these events may have had an impact on Coinbase’s spot trading volume, which has shown minimal growth as a result.

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2024-05-27 22:10