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Bitcoin [BTC], Ethereum [ETH] and Tether [USDT] ready for P2P exchange in India by Huobi Global

Simran Alphonso

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Bitcoin [BTC], Ethereum [ETH] and Tether [USDT] ready for P2P exchange in India by Huobi Global
Source: Pixabay

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.

Huobi's email | Source: Huobi user's mail

Huobi’s email | Source: Huobi user’s mail

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.

Huobi OTC [INR] | Source: Huobi OTC

Huobi OTC [INR] | Source: Huobi OTC

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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Ethereum

Ethereum [ETH] might have caught a break from bears due to formation of ‘Golden Cross’

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Ethereum [ETH] might have caught a break from bears due to formation of 'Golden Cross'
Source: Unsplash

Ether, more commonly known as Ethereum, is the world’s second largest cryptocurrency and it might have turned bullish due to the initiation of the ‘Golden Cross’ in the daily chart. Golden Cross, is when the 50-day simple moving average crosses above the 200-day simple moving average, which indicates that the price has turned bullish and that the cryptocurrency has bottomed.

Source: TradingView

Historically, Ethereum’s last Golden Cross took place in February 2017, when the price of ETH was ~$10; the price after this cross was bumped to $1,600, which was a meteoric rise of 15,000%. As bullish as this sounds, this might not be the good news that the crypto community is hoping for, as the ‘Golden Cross’ isn’t absolute and there are times when the crossover could be a fakeout. Crossover fakeouts had occurred for Bitcoin in 2014.

The weekly chart for Ethereum has been consistently forming higher highs since 2019, which is a bullish indication. The MACD indicator and the RSI indicators are both indicating a steady rise since 2019.

All aboard the ‘Speculation Train’

If another meteoric rise is to be expected from the crypto ecosystem, the price has to undergo a parabolic rise. The price of Ethereum at press time was $174 and had a market cap of $18 billion; assuming approximately 10,000% increase [instead of the 15,000% rise], the price of Ethereum would reach approximately $8,000 by March 2020.



A Reddit user @alkalinegs commented:

“if you look at the last golden cross early 2017 it took a few days till something happend. death cross 2018 even resulted in a bulltrap. -> dont expect an immediate reaction.”

Quite a few people use the exponential moving averages and disagree with the use of Simple Moving Averages, which is opinionated. Another Reddit user, @DeliciousPayDay commented:

“I strongly disagree. SMA 200 is more important and everyone in crypto looks at it. After breaking the 200MA at $151 ETH went straight to $180 before being sold off, and bounced directly off the 200MA the next day turning resistance into support. The 50/200 golden cross just happened on the SMA and the last time that happened ETH went from $12 to $1400.”





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