TL;DR
- HTX’s Milestone: HTX, previously Huobi, has surpassed Coinbase with a daily spot trading volume of approximately $2.4 billion, becoming the fourth-largest crypto exchange globally.
- Justin Sun’s Role: Tron founder Justin Sun, serving as an advisor to HTX, announced the milestone and hinted at more growth to come for the exchange.
- Coinbase’s Challenges: While HTX celebrates its success, Coinbase is dealing with legal issues in the U.S., including an unresolved SEC lawsuit, which may be affecting its trading volume performance.
HTX, the platform formerly known as Huobi, has eclipsed Coinbase in daily spot trading volumes. This shift signals a new era in the competitive landscape of cryptocurrency exchanges.
For the first time, @HTX_Global has more spot trading volume than @coinbase. This is just the beginning, and we are just getting started. 🫡 pic.twitter.com/VeYHFCviHy
— H.E. Justin Sun 孙宇晨 (@justinsuntron) May 27, 2024
Justin Sun’s Announcement
Justin Sun, the influential founder of Tron and an advisor to HTX, took to social media on May 27 to celebrate HTX’s achievement. “This is just the beginning, and we are just getting started,” Sun proclaimed, highlighting the significance of this milestone for HTX.
HTX’s Trading Volume Triumph
Data from CoinGecko reveals that HTX’s daily spot trading volume has soared to approximately $2.4 billion, positioning it as the fourth-largest crypto exchange globally. This places HTX ahead of Coinbase, which trails with around $2 billion in spot trading volumes.
The Legal Woes of Coinbase
Coinbase, once a dominant force, now grapples with legal challenges in the United States. The SEC’s securities violation lawsuit against Coinbase, initiated in June 2023, is still unresolved. In March 2024, a U.S. court allowed the SEC to continue its lawsuit, alleging that Coinbase operates without proper registration.
HTX’s Decade of Evolution
Celebrating its 10th anniversary in September 2023, HTX marked the occasion by rebranding from Huobi. The new name, combining ‘H’ for Huobi, ‘T’ for Tron, and ‘X’ for exchange, has sparked controversy and drawn comparisons to the defunct FTX exchange.
The Rise of HTX Global
Sun’s announcement also highlighted HTX Global’s impressive $2.05 billion in 24-hour spot trading volume, surpassing Coinbase’s $1.5 billion. This surge reflects HTX’s growing prominence and the success of its recent initiatives, including philanthropic efforts and trading fee incentives.
Coinbase’s Regulatory Struggles
Coinbase faces a series of regulatory hurdles. The SEC’s ongoing lawsuit and a recent Supreme Court ruling against the exchange have cast a shadow over its operations. These developments have likely influenced Coinbase’s spot trading volume, which has seen only a marginal increase.
HTX’s ascent to the top of the spot trading volume charts is a testament to its strategic growth and the dynamic nature of the cryptocurrency market. As HTX continues to innovate and expand, it sets a new benchmark for other exchanges to follow.
