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Sun’s Stunning Bitcoin Revelation: $1.6B HTX Holdings Rock Industry

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In a bold move to assert his active involvement in the HTX cryptocurrency exchange, Justin Sun recently showcased his substantial Bitcoin holdings. On Tuesday, Sun, the notable figure behind the TRON blockchain, took to social media to dispel doubts about his utilization of HTX, sharing a screenshot of his HTX wallet displaying a staggering 28,614 bitcoins, valued at approximately $1.6 billion.

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Justin Sun’s HTX Wallet

Sun’s public display of his bitcoin wealth, amidst ongoing scrutiny from the Securities and Exchange Commission (SEC) for alleged fraud and securities violations, raises eyebrows. Despite his tumultuous journey as a crypto entrepreneur, Sun remains unapologetic, asserting his heavy engagement with HTX and other major exchanges.

The revelation underscores the significance of Bitcoin as the cornerstone of Sun’s crypto portfolio and his commitment to HTX. While Sun’s flamboyant display may not surprise those familiar with his rollercoaster career, it serves as a testament to the enduring allure of cryptocurrencies in the face of regulatory challenges.

As the crypto saga continues to unfold, Sun’s unabashed endorsement of HTX and his formidable BTC holdings inject further intrigue into the ever-evolving landscape of digital assets.

Bitcoin’s Institutional Crown Fades Amid Ethereum’s Surge

In other news, as Ethereum surges, riding the coattails of Bitcoin’s recent rally, the cryptocurrency landscape is witnessing a notable shift in institutional sentiment. Ethereum, the second-largest cryptocurrency, has soared to heights unseen since April 2022, edging closer to the $3,200 mark with a remarkable 7% surge in just a day.

Traditionally, BTC has been the favored choice of institutional investors. However, a recent Bybit Research report suggests a changing tide. Institutions are increasingly favoring Ethereum over Bitcoin, with Ether emerging as the primary holding for many financial organizations since September 2023.

This institutional pivot towards Ether is fueled by anticipation surrounding the Dencun upgrade scheduled for March 2024, promising to bolster the network’s performance, as reported by TWJ. Meanwhile, retail investors maintain a higher allocation to Bitcoin compared to Ether. Despite both retail and institutional investors boosting their holdings in Bitcoin and Ether in recent months, the report highlights a stark contrast in investment strategies, with institutional interest in Ether significantly overshadowing that of retail users.

HTX Withdraws Crypto License Application In Hong Kong Just 3 Days After Submission

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HTX has swiftly retracted its application for a crypto license in Hong Kong, just three days after initially submitting it. This decision, as revealed on the Securities and Futures Commission’s (SFC) official website, where a list of crypto exchange license applicants is published, coincides with similar actions from three other firms who also withdrew their plans to expand services in the region.

As of the latest update, HTX has not issued any public statements elucidating the rationale behind this abrupt change in direction. This move follows closely on the heels of HTX’s local subsidiary, Huobi HK, which operates under HBGL Hong Kong Limited, filing for a virtual asset trading platform (VATP) license.

It’s worth noting that the SFC has thus far only granted licenses to two exchanges in Hong Kong: OSL and HashKey Exchange, awarded in December 2020 and November 2022, respectively.

In a separate development on February 21, Circle, a prominent issuer of stablecoins, made waves with its announcement to discontinue support for USD Coin (USDC) on TRON, a blockchain network founded by Justin Sun, who also holds an advisory position at HTX.

HTX’s Strategic Shift And Circle’s Commitment To USDC Integrity

While the exact reasoning behind Circle’s decision remains undisclosed, the company stressed its commitment to maintaining the integrity of USDC as a dependable, transparent, and secure digital currency.

The timing of these events raises questions about potential interconnections and strategic shifts within the cryptocurrency ecosystem, particularly concerning HTX’s decision to withdraw its license application in Hong Kong. Given the regulatory complexities and evolving landscape of digital asset trading, companies operating in this space face various challenges and considerations.

Speculation may arise regarding the influence of regulatory hurdles, market conditions, or internal strategic evaluations prompting HTX’s withdrawal. Moreover, Circle’s move to halt USDC support on TRON, especially considering Sun’s ties to HTX, adds further intrigue to the situation.

Overall, these developments underscore the dynamic nature of the cryptocurrency industry, where regulatory, technological, and market factors continually shape the strategies and decisions of key players like HTX and Circle. The implications of these actions could reverberate across the broader crypto market, influencing investor sentiment and regulatory approaches in the future.

Huobi’s HTX Revolution: Justin Sun Leads Token Evolution With Enhanced Benefits

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In a groundbreaking revelation, HTX, under the leadership of Justin Sun at Huobi, is poised for a substantial transformation, transitioning from Huobi Token (HT) to HTX. This strategic initiative, disclosed in a recent press release, brings forth a range of modifications, such as the introduction of Exchange DAO (HTX) and the opportunity for HT holders to exchange their tokens voluntarily. The overarching goal of this transformative maneuver is to reshape the benefits structure and inaugurate a new era within the Huobi ecosystem.

The press release from Exchange details the initiation of the conversion process, unveiling the listing of HTX DAO, and extending an invitation to HT holders for voluntary participation. Beginning on January 22, 2024, users can seamlessly convert HT to HTX by logging into their Exchange accounts. The conversion period spans until January 20, 2025, allowing users to switch.

Early conversions and the inclusion of additional assets can secure users a more favorable conversion rate. This move aligns with the prevailing trend of decentralized autonomous organizations (DAOs) in cryptocurrency to enhance transparency and user governance.

Huobi’s HTX Benefits Unleashed:

Additionally, the conversion from HT to HTX triggers a cascade of benefits for token holders, effective February 2, 2024. The new benefits structure for Exchange holders replaces the existing perks associated with HT, including removing “Reduce spot/futures fees with HT Deduction” and introducing “Reduce fees with Exchange Deduction.” This change promises a 25% discount on spot trading fees, a 5% discount on futures trading fees, and a deduction of margin loan interest with HTX.

Furthermore, holding Exchange will now boost Prime membership levels, marking a paradigm shift in the valuation of assets within the Huobi ecosystem. The announcement also outlines changes in Rockets calculations, small balance conversions, and the auto-transfer of HT assets.

The strategic conversion of HT to HTX is accompanied by a carefully planned listing schedule for Exchange. Starting on January 20, 2024, at 06:00 UTC, users can deposit HTX, and the conversion service will be available from January 22, 2024, at 08:00 UTC, facilitating a seamless transition for HT holders to the new token.

Subsequent stages include the launch of P2P trading for Exchange, availability of Earn products, spot trading listings, and the initiation of withdrawal services. This phased rollout ensures a smooth transition for users while introducing enhanced features and benefits associated with Exchange.

As Huobi Token undergoes this evolutionary transformation under the leadership of Justin Sun, the cryptocurrency community eagerly anticipates the broader market impact. Huobi’s strategic move towards decentralized governance and enhanced benefits for Exchange holders position the platform as a forward-thinking player in the rapidly evolving cryptocurrency landscape.

HTX Exchange Hit By Cryptocurrency Heist, Suffers $250 Million Loss

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HTX, along with Poloniex, Heco Bridge, KyberSwap, and Kronos Research, bore the brunt of a tumultuous November in the cryptocurrency market. Hackers targeted these five major exchanges, resulting in a staggering $290 million being swiped. These incidents underscore the urgent necessity for bolstered cybersecurity measures.

Amidst the chaos, questions arise about potential nefarious activities behind the scenes or the possibility of yet another scam in progress. With HTX holding the majority of Bitcoin, the pivotal question emerges — will this upheaval impact the market and trigger a surge in Bitcoin prices? 

With Bitcoin recently reaching $45,000, a stable trajectory could pave the way for a promising 2024.However, before speculating further, let’s delve into the details surrounding these recent hacks.

HTX Exchange: Bloomberg Report Reveals A Staggering $258 Million Loss Post-Hack

According to a recent Bloomberg report, the HTX exchange, associated with industry heavyweight Justin Sun, suffered a staggering $258 million loss upon reopening after the hack. Two other platforms linked to Sun also fell victim to hacks, exceeding $100 million in losses, prompting concerns of a potential exit scam.

Insights gleaned from DefiLlama data reveal a substantial outflow of funds from HTX between November 25 and December 10, suggesting the aftermath of the security incident. Despite the $30 million loss in the breach, HTX pledges to conduct a thorough investigation and fully compensate affected users.

The plot thickens as we explore Justin Sun’s connections to Poloniex and HECO Bridge, both targeted in the November hacks. Sun’s Tron blockchain token TRX, a significant asset at HTX, faced US fraud allegations earlier this year, amplifying concerns about the hacks and Tron’s potential involvement in dubious dealings.

Despite the hack and substantial losses, HTX, formerly known as Huobi, maintains its position as a top 20 exchange by trading volume, surpassing $1.6 billion in the past 24 hours, according to CoinMarketCap. Nevertheless, the breach has unsettled digital asset investors, reminiscent of FTX’s collapse the previous year.

In response to the breach, Justin Sun assures full compensation and additional rewards for affected users, aiming to rebuild trust and encourage greater participation in Tron’s network. Notably, the majority of HTX’s reserves are in Bitcoin and TRX tokens, aligning with Sun’s Tron blockchain projects. Lingering concerns about the exchange’s security persist as the security firm BlockSec grapples with resolving the November breach and recovering the stolen assets.

Bitcoin Services Resumes On HTX Post-$30M Hack

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Bitcoin deposits and withdrawals have been successfully resumed following a significant setback on November 22, when the HTX crypto exchange fell victim to a $30 million exploit. The exchange shared this positive development in a blog post dated November 26, stating that deposit and withdrawal functions are now operational for various currencies besides Bitcoin. The official statement reads:

We are pleased to announce that HTX has resumed withdrawal services for certain cryptos via the ERC20 blockchain, including ETH, MATIC, PEPE, FLOKI, SHIB, etc. The resumption of deposit and withdrawal services for more cryptos on the platform will be implemented gradually. Please stay tuned for further announcements.

Expressing gratitude for the continued support and trust of its users, HTX has also introduced a special token airdrop event as a gesture of appreciation. This event will utilize a snapshot of users’ Rockets, with Rocket values determined by the 30-day average balance measured in USDT. Each USDT will equal one Rocket, and users holding assets such as HT, TRON [TRX], Bitcoin, and Ethereum will have their Rocket values multiplied.

The tokens for the airdrop will be sourced from a premium asset set to be listed on HTX, with specific details of the event to be unveiled in early December. In addition to the official announcement, TRON founder Justin Sun shared in a post that HTX has plans to gradually restore functionality to the remaining cryptocurrencies, anticipating completion “by next week.” HTX, previously known as Huobi, underwent an international rebranding under the guidance of Justin Sun.

Bitcoin Profitability Shoots Up

The exchange gained notoriety when an anonymous hacker illicitly accessed its hot wallets, resulting in an initial loss of approximately $13 million. On the same day, another venture led by Sun suffered an $85 million loss, adding to the challenges faced by the crypto industry, TronWeekly reported.

Meanwhile, the Bitcoin market has recorded a spike in the profitability metric, with the volume of Bitcoin supply reaching levels last seen two years ago. The Glassnode report showed that over 83% of the Bitcoin coin supply is currently held in profit, marking the highest level since November 2021, near the all-time high [ATH] of that period.

HTX Remarkable Recovery: Hacker Returns Stolen $8.2M In ETH

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In a surprising turn of events, the elusive hacker responsible for breaching HTX Global, formerly Huobi, has made amends by returning the entire sum of stolen assets. Blockchain analytics insights provider Lookonchain reported that a substantial amount of 4,999 Ether (ETH), valued at an impressive $8.2 million, has been refunded to HTX Global.

The security breach that sent shockwaves through the cryptocurrency community occurred last Monday when an unidentified hacker successfully infiltrated the HTX Global platform, resulting in the staggering loss of Ethereum assets.

In a swift response to the attack, TRON founder and the exchange’s advisor Justin Sun wasted no time assuring the public that the losses incurred from the hack had been fully covered and all associated issues were promptly resolved.

HTX’s Response To Cyberattack

Sun emphasized that the stolen funds represented only a fraction of HTX Global’s vast asset pool, boasting a staggering $3 billion. To incentivize the hacker’s act of goodwill, a substantial 5% Whitehat reward, amounting to $400,000, was pledged if the stolen funds were returned. Furthermore, the hacker was offered the prestigious role of security Whitehat advisor should a voluntary refund be initiated expeditiously.

Sun revealed that HTX’s security team had detected the breach. Interestingly, before this discovery, on-chain security firm Cyvers Alerts had already flagged suspicious transactions linked to the Mixin Network. These transactions led investigators to the hacked funds, tracing them back to HTX and the renowned cryptocurrency exchange Binance.

This cyberattack on HTX Global unfolded just weeks after rumors regarding the exchange’s financial stability had begun circulating. Notably, prominent developer and Dogecoin (DOGE) advocate Mishaboar had advised DOGE holders to withdraw their assets from the exchange, citing concerns about the exchange’s opaque Proof-of-Reserve claims.

Proof-of-reserve claims, often touted as indicators of a protocol’s financial health, were criticized by Mishaboar for their potential to mislead and provide an inaccurate representation of an exchange’s actual liabilities. Justin Sun urged the community to dismiss the rumors to quell these growing concerns.

With the unexpected news of the hacker’s full refund, customers are likely to regain trust and security in HTX Global amidst the recent controversies. The return of stolen assets serves as a beacon of hope for cryptocurrency enthusiasts and reinforces the resilience of the digital asset ecosystem in the face of adversity.

Binance CEO Offers Security Team Assistance In $8 Million HTX Hack Investigation

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In a crypto-world whirlwind response, Binance’s CEO Changpeng “CZ” Zhao wasted no time addressing the recent $8 million hack that jolted the HTX crypto exchange, previously known as Huobi. CZ has promptly extended a helping hand by deploying Binance’s elite security team to join the relentless hunt for the perpetrators behind this digital heist.

On September 25, blockchain analytics platform Cyvers raised the alarm regarding a security breach that drained 5,000 Ether (ETH) worth $1,588 from one of HTX’s hot wallets. This incident highlights the urgent need for swift action when dealing with cryptocurrency thefts, as hackers often employ tactics such as using mixers or converting stolen assets into privacy tokens to cover their tracks.

Taking proactive steps to minimize the fallout, HTX extended an enticing 5% “white-hat bonus” amounting to nearly $400,000 to entice the hacker. The condition stipulated a seven-day window for compliance. This gesture was intriguing because the offer was distinctly conveyed in Mandarin, substantiated by a visible screenshot.

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Source: etherscan.io

Binance’s CZ Insights On Huobi HTX Security

On a lighter note, CZ playfully commented on the similarity between the rebranded HTX and Sam Bankman-Fried’s FTX exchange. However, he acknowledged that the nature of the losses in both exchanges differed significantly, with HTX falling victim to a hack and FTX being associated with an alleged scam.

In response to a tweet from Tron founder Justin Sun, who also advises HTX, CZ enlisted Binance’s security team to aid in tracing the stolen funds. Sun further assured users that HTX would cover all their losses.

HTX has also enhanced its security, implementing real-time monitoring mechanisms to prevent future breaches. Although Sun denies holding a significant stake in HTX, he committed to conducting live streams in both English and Chinese to discuss exchange security.

This incident occurred shortly after another cryptocurrency platform, Mixin Network, suffered a massive $200 million hack. The breach was related to compromising a third-party cloud service provider’s database. An independent Web3 SaaS analytics platform 0xScope investigation revealed a historical connection between the hacker and Mixin Network. 

In 2022, an address linked to the hacker had received 5 ETH from Mixin and subsequently deposited it into Binance. Deposits and withdrawals on Mixin Network will only resume once vulnerabilities are confirmed and rectified. Plans to recover the lost assets for affected users have not been disclosed.

Related Reading:| Binance’s Fight for Fair Play: Petition To Dismiss SEC Lawsuit

Justin Sun Takes $69 Million Profit from Ethereum Rally

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  • Justin Sun cаpitаlizеs on Ethereum’s surgе, dеpositing 19,000 ETH into HTX, gаining $69.36 million.
  • Whаlе offloаds 46,853 ETH аnd 12,886 ETH but rеtаins $1.27 billion in Ethereum holdings.
  • Ethereum chаllеngеs wееkly rеsistаncе аt $3,236, with potеntiаl for а 9.8% rаlly if surpаssеd.

Thе world’s sеcond-lаrgеst cryptocurrеncy, Ethereum (ETH), hаs hаd а rеmаrkаblе wееk, gаining 28% in vаluе. This upswing coincidеs with notаblе movеmеnts аmong lаrgе ETH holdеrs, rаising quеstions аbout thе coin’s nеаr-tеrm trаjеctory.

Justin Sun Capitalizes on Ethereum Surge

Tron foundеr Justin Sun, а prominеnt figurе in thе crypto spаcе, cаshеd in on thе Ethereum rаlly. According to on-chаin dаtа, Sun dеpositеd 19,000 ETH (аpproximаtеly $60.83 million) into thе HTX еxchаngе. This movе suggеsts а profit-tаking strаtеgy, with аn еstimаtеd $69.36 million gаin, rеprеsеnting а 5.69% rеturn on his initiаl $1.19 billion invеstmеnt. Dаtа shows Sun аcquirеd thеsе holdings bеtwееn Fеbruаry аnd August аcross thrее wаllеts, with аn аvеrаgе purchаsе pricе of $3,027.

ETH
Source: Spotonchain

Mеаnwhilе, thе Lookonchаin plаtform rеportеd thаt а whаlе holding 398,891 ETH (worth $1.28 billion) hаs sold pаrt of thеir holdings. Thе whаlе offloаdеd 46,853 ETH for $138.8 million USDC, followed by аn аdditionаl 12,886 ETH worth $42 million movеd to еxchаngеs in rеcеnt hours. Dеspitе thеsе trаnsаctions, thе whаlе still holds а substаntiаl 352,036 ETH, vаluеd аt $1.27 billion, indicаting а continuеd profit-tаking strаtеgy whilе mаintаining а lаrgе position.

In contrаst, Lookonchаin аlso rеportеd thаt four nеwly idеntifiеd wаllеts rеcеntly withdrеw а combinеd 12,499 ETH, vаluеd аt roughly $40 million, from Binаncе. Such withdrаwаls typicаlly indicаtе а long-tеrm holding strаtеgy, suggеsting confidеncе in Ether’s futurе potеntiаl.

Ethereum Eyes Key Resistance Level

Ethereum’s pricе brokе through its dаily rеsistаncе аt $2,820 on Thursdаy аnd is now chаllеnging its wееkly rеsistаncе аt $3,236. As of Mondаy, it sits just bеlow this lеvеl аt $3,182. If it closеs аbovе thе wееkly rеsistаncе, thе rаlly could еxtеnd by 9.8%, potеntiаlly rеаching thе July 22nd high of $3,562. Howеvеr, if thе wееkly rеsistаncе rеmаins firm, Ethereum mаy fаcе а pullbаck to its nеxt dаily support аt $2,820.

ETH 1
Source: Trading View

Anаlyst Michаеl vаn dе Poppе forеsееs rеsistаncе аround $3,200 but rеmаins optimistic аbout Ethereum’s long-tеrm growth, supportеd by broаdеr еcosystеm аdvаncеmеnts. Mеаnwhilе, Crypto Pаtеl, а widеly followеd аnаlyst, offеrs а morе bullish outlook, prеdicting thаt Ether could rеаch а nеw аll-timе high of $10,000 in this ongoing bull run.

Related Readings | Dogecoin’s Big Comeback? Historical Patterns Hint at 3,364% to 12,189% Gains

Bitcoin Mining Costs Rise To $49,500 In Q2 As Miners Turn To AI For Revenue

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  • Bitcoin mining costs surged to $49,500 per Bitcoin in Q2, up $2,300 from Q1, as difficulty hit record highs.
  • Rising interest rates and limited credit push miners to seek funding via share issuance, diluting investor value.
  • Despite higher expenses, miners remain vulnerable to Bitcoin price shifts, especially with 2024’s halving event.

The mining of Bitcoins has become much more expensive this year. CoinShares’ latest report shows that, according to Q2 data, the cost of mining one Bitcoin for the major listed miners is $49,500 on average, which is $2,300 more than in Q1, when it was $47,200 on average. Cash expenses only come to $85,900, while other production costs, such as depreciation and stock options, bring the average to $96,100.

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Source: Image by CoinShares

Following the FTX debacle and other recent crypto market crises, bitcoin miners are now struggling to secure credit. This is exacerbated by the rising interest rates, which force firms to explore share offer as a source of financing. Although this is critical finance for growth, it also waters down shareholder funds, causing dismay among the investors. 

Bitcoin Hashrate Growth

The sector remains acutely sensitive to Bitcoin price but the miners have failed to cash in on the early 2023 when the US Bitcoin ETF announcements boosted market valuations. This situation also reveals that the sector is sensitive to BTC’s price movements since the valuations of miners have also been affected by uncertainty about revenues after the halving of rewards expected in 2024.

Mining analysts are working on models that predict the hashrate of BTC, which remains on the rise even as costs increase. The piecewise exponential model in use at present suggests that the total network hashrate will grow to 765 EH/s. 

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Source: Image by CoinShares

Future of Bitcoin Mining

In the long term, if miners switch to the use of sustainable sources of energy such as stranded natural gas, then the industry may cut its carbon footprint by as much as 63% by the year 2050. However, economical energy is still vital since hashrate increases the operational expenses. 

Hash prices assess the efficiency of mining and have plummeted to new lows this year. Estimations indicate that they are likely to be at between $50 and $32 per PH/day until the next halving event in 2028. Some of the miners are now looking for a way to survive, thus they have ventured into other businesses such as AI. Current findings reveal that direct investment in bitcoins could yield better returns than mining with minimal impact on miner charges.

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Source: Image by CoinShares

Bitcoin mining industry has reached a crossroads today and it becomes crucial to determine its further development. Cost pressures, competition and increasing compliance requirements mean that companies need to control their costs, reduce their costs and seek new channels of revenue. As costs of production increase and markets change it will be essential for miners to overcome these factors in order to remain profitable and foster future expansion.

Binance Breaks Records With $100 Trillion In Trading Volume

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  • Binance’s $100 trillion trading volume milestone cements its dominance as the world’s largest cryptocurrency exchange.
  • OKX, despite significant growth, remains far behind Binance, highlighting Binance’s unmatched market leadership.
  • Despite halting operations, FTX still ranks sixth in total volume, showcasing its previous influence in the crypto space.

Binance, a global leading cryptocurrency exchange has recently marked another history after hitting $100 trillion trading volume in both spot and derivatives trading. This milestone puts Binance light years ahead of its competitors and marks a new chapter in the trading of digital assets.

In the latest report, it emerged that Binance is the exchange with the highest total trading volume. This metric shows that the platform remains the most dominant in the crypto market. The $100 trillion figure underpins the exchange position as the world’s largest crypto exchange and its continuing expansion across the globe, thanks to the broad range of products and services it offers, as well as relatively low fees. This new achievement only strengthens its position as the leading exchange in the industry by far.

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Source: Image by CCData

OKX Trails Behind Binance

The second largest CEX with a lifetime trading volume of $25 trillion. Nevertheless, this is still far from top exchange, which shows how the leading exchange surpasses everything that comes close to it. Nevertheless, OKX is still one of the key players in the market and keeps on growing, which is why it pays special attention to the development and the convenience of the service.

Bybit, Bitget, and HTX, come in fifth place in terms of overall volume, with each performing very well. Despite the fact that their trading volumes pale in comparison with those of Binance and OKX, these exchanges are slowly but steadily gaining the attention of the customers as they expand their offers and improve the interface for trading.

FTX Holds Sixth Spot

One interesting observation that can be made from the results is the continued appearance of FTX in the list even in the recent period. Despite the fact that FTX stopped its work in November 2022 due to a very high-profile failure, it still takes the sixth place in the list of CEXs according to the total trading volume. This is a testament to the magnitude of FTX’s business as a relatively new player in the space. 

Binance hitting the $100 trillion mark shows how the crypto market has grown and how important centralized exchanges are still today. Due to the growing and changing market, Binance is at the forefront, and it will be interesting to watch other exchanges try to chase down the competition. Building on innovation, trust and market access, Binance continues to shape the development of the cryptocurrency trading market.