On 26th July, Huobi OTC emailed Indian clients to announce the launch of its peer-to-peer [P2P] exchange in India. The email explained the features on the exchange for Indian crypto-traders.
The exchange will enable zero transaction fee for BTC, ETH and USDT. The users who further require to trade with more volume can transfer their funds to Huobi Global exchange. They will be entitled to seamlessly trade cryptocurrencies along with 24/7 customer support.
This potential launch will act as a bridge between cryptocurrency traders without the intervention of a third party, in this case, Reserve Bank of India [RBI].
The RBI had filed a case for the prohibition of cryptocurrencies to be converted into INR [Indian Rupee]. On 3rd July, the Supreme Court of India [SC] laid the ban as per RBI’s filings, for the further discussions the case was scheduled for 20th July.
As per internal reports, limited arguments were put forth on behalf of Internet and Mobile Association of India [IAMAI] and RBI on 20th July. Since SEBI [Securities Board of Exchange India] and a few others had not filed their response to the petition seeking regulation, the Court directed for the completion of pleadings to 11th September.
As per Huobi’s official website, Huobi OTC serves as an affiliated website of Huobi Pro. It is a platform devoted to over-the-counter trades of digital assets. Users can trade their digital assets by posting an advertisement on Huobi OTC and then complete transactions with the other party so as to exchange their digital assets against fiats.
Huobi OTC offers an aggregated display of trading information and the actual payment can be completed offline. In other words, Huobi OTC provides an escrow on digital assets.The new P2P exchange is supposed to eradicate the current issue Indian crypto-traders are facing, which is the conversion of cryptocurrencies to INR. The exchange will enable users to trade funds from each other at the index price maintained by the exchange. A user can buy and sell in INR to Indian users.
The launch of P2P platforms remains the only option for local traders who want to exchange BTC, ETH and USDT for Indian currency. WazirX, one of the leading cryptocurrency exchange platforms of India made an announcement regarding the exclusive and “most legal” P2P service. Koinex, another exchange platform followed the trail. Both these platforms will maintain the service through an escrow account.
As P2P creates a market of unregulated assets and accelerates the trade of money laundering. Speculators suggest that P2P is only a temporary solution to the prohibition laid by RBI.
Indian crypto Girl, a Twitter user and crypto-enthusiast tweeted:
“Not just Indians, but one of World’s Largest Exchanges, Huobi, launches P2P Exchange in India with 🔹 zero transaction fee for $BTC, $ETH and $USDT 🔹Option to transfer to Huobi Global exchange if a user wished to trade with ‘more volume’ @RBI, ab ye rok ke dikhao 😋[now try to stop this RBI]”
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Bitcoin SV surges by 6.84% in an hour; community speculates massive behind-the-scenes pump
The cryptocurrency market has witnessed major price hikes over the past few weeks, with Craig Wright’s Bitcoin SV emerging as the market’s unlikely performer. The Craig Wright-backed virtual asset, which is supposed to follow Satoshi Nakamoto’s original idea, outperformed every top 10 cryptocurrency over the past week, recording a growth rate of 22.86%.
At press time, the coin had recorded a price hike of 6.84% over the hour, with the coin valued at $228. The coin was traded the highest on CoinBene exchange, where the trading pair of BCHSV/USDT gathered a volume of $96 million. The exchange was closely followed by ZBG exchange, where the trade accounted for 13.62% of the entire trading volume.
According to the chart released by Trading View, a massive green candlestick can be observed. The chart also indicated that at press time, the candles were charting over the Moving Average [MA]. This suggested that extremely high trading volumes were pegged with Bitcoin SV.
Many in the community have speculated that the surge might be due to a massive dump of the coin in the market, after the token hit stagnation since pumping by more than 247 percent recently. The aforementioned price pump pushed the price of the coin from $53.22 to $250.
Previously, it has been suggested that the major pump witnessed within the Bitcoin SV ecosystem might be laden with market manipulation, implying the participation of illicit entities in the conduct of a “pseudo-pump” of BSV’s market. Further, the de-listing of BSV by major exchanges such as Binance may have made it more susceptible to sudden price movements, according to some.
At press time, Bitcoin SV was positioned 8th on the cryptocurrency charts. Despite the pump however, historical trends suggest a major price correction may be in the offing too.
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