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Huobi Global gets major boost in this country, here’s how HT reacted

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  • At press time, Huobi Token surged 20% to register its best performance in over two months
  • The daily active addresses for the token jumped 20% from the previous day

Popular cryptocurrency exchange Huobi Global will apply for a trading license in Hong Kong, the exchange’s advisor, Justin Sun, announced on Twitter on 20 February.

Read Houbi Token’s [HT] Price Prediction 2023-24

Sun added that Huobi will also launch a new exchange, named Huobi Hong Kong, which will adhere to local regulatory laws and target institutional investors from Hong Kong and other Asian markets.

Huobi Token [HT] responded to this development enthusiastically as its price jumped nearly 20% to hit $6.19 at the time of writing this article, per data from CoinMarketCap.

Huobi’s change of fortunes?

The news comes following Hong Kong’s new plan to allow retail investors to trade popular crypto currencies like Bitcoin [BTC] and Ethereum [ETH]. Additionally, the Securities and Futures Commission (SFC) of Hong Kong released new guidelines for crypto trading platforms looking to apply for a license under the new regime.

The pro-crypto policy is part of Hong Kong’s ambitious attempt to establish itself as a global crypto trading hub.

As for Huobi Global, it hoped that the latest move would help it shrug off the pessimism engulfing the exchange. Last month, it was at the receiving end of a mass layoff speculation that created doubts over the financial health of the trading platform.

Network activity explodes

Grappling with severe selling pressure in the past few weeks, Huobi Token was reinvigorated by the latest development. It broke past the resistance at $6.1 for the first time in two months. Indicators like Relative Strength Index (RSI) and Awesome Oscillator (AO) gave overwhelming bullish signals.

Source: Trading View HT/USD

However, it remained to be seen whether the price would hold on to the gains in the short term.

Are your holdings flashing green? Check the HT Profit Calculator

HT’s on-chain activity picked up remarkably. The daily active addresses for the token spiked 75% from 17 February while the velocity moved in an ascending trajectory as well.

The network growth registered a sharp increase, indicating that new users flocked towards the token in bulk. HT holders could thus hope for another macroeconomic trigger to push the price further up.

Source: Santiment

 

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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