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Thursday, September 23, 2021

Are these developments going to drive up Huobi Token (HT)?

Overview


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Huobi Token (HT) is the cryptocurrency launched by Huobi Group. The cryptocurrency is based on Ethereum with a hard cap on supply at 500 million tokens.

Huobi is the third largest cryptocurrency exchange in the market. The popularity of the exchange led to the developers creating a token native to the exchange – the Huobi Token. The token was designed to maximize efficiency and minimize transaction costs on the platform.

Daily technical analysis

Huobi Token had been operating at a price level of less than $10 ever since its launch. The Token picked up the pace in the bull run of 2021 and peaked at $23 – establishing its all-time high. However, the Token quickly succumbed to bearish pressures and fell. At the time of writing, Huobi Token is trading at $16.35.

The market sentiment for the cryptocurrency appears to be bullish with the Net Network Growth at +1.47%, In the Money at -1.32%, concentration at a neutral of 0.01% and the Large Transaction indicator at +6.1%.

Major developments

Supporting Ruble

Huobi Global entered into a strategic partnership with AdvCash to be able to support withdrawals and deposits in Russian Ruble. The Group announced in January its plans of introducing the Russian Ruble to its platform. The inclusion of Ruble will enable investors to trade the major cryptocurrencies in the Russian currency.

World Economic Forum

Huobi Global joined the World Economic Forum’s New Champion’s community today where it aims to solve global problems together with the Forum. The highly active Huobi Global has been garnering partnership and increasing its scope which will, inevitably, cause the adoption of the Huobi Token as it is native to the network.

Expansion

The Huobi Group has now entered Hong Kong. A subsidiary of the Group was able to secure a license to work as a cryptocurrency investment fund in the country. The group has planned to include the two major cryptocurrencies, Bitcoin and Ethereum, in its investment fund. The setting up of the fund can boost cryptocurrency investment in Asia.

The Group had also previously announced its plans of expansion into Malaysia last year in November. A new subsidiary was launched with a 9-month trial period license in Malaysia. Moreover, the Group had also announced its return into the US market since it had halted business in the country in 2019. A trust company is likely to be set up in Nevada by the Group.

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Muskan Naveed
Muskan is an economist-in-the-making with a knack for writing. What started off as a hobby has now turned into a possible career path. She specialises in fin-tech but would never say no to writing.

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