- At press time, Huobi token surges 20% to record its best performance in two months
- Daily active addresses for the token increased by 20% from the previous day
Popular cryptocurrency exchanges global huobi Justin Sun, adviser to the exchange, announced on Twitter on February 20 that he would apply for a trading license in Hong Kong.
Big news for cryptocurrencies today: @Huobi global has announced that it is applying for a cryptocurrency trading license in Hong Kong🇭🇰! This is a huge step forward for the leading cryptocurrency exchange and a sign of its continued commitment to operating in a regulated and compliant manner.
— HE Justin Sun🇬🇩🇩🇲🔥₮ (@justinsuntron) February 20, 2023
Reading Hobby Token (HT) Price Prediction 2023-24
Sun said that Huobi will also launch a new exchange, called Huobi Hong Kong, which will comply with local regulatory laws and target institutional investors from Hong Kong and other Asian markets.
Huobi Token (HT) responded enthusiastically to this development as its price increased nearly 20% to $6.19 as of this writing, according to data from coin market cap.
Does Huobi’s luck change?
follow the news new hong kong plan To allow retail investors to trade popular crypto currencies such as Bitcoin (BTC) AND Ethereum (ETH)In addition, the Hong Kong Securities and Futures Commission (SFC) issued new guidelines for crypto trading platforms applying for a license under the new regime.
The pro-cryptocurrency policy is part of Hong Kong’s ambitious effort to establish itself as a global center for cryptocurrency trading.
As for Huobi Global, it hopes the latest move will help it overcome the pessimism surrounding the exchange. last month, it was at the end of a speculation of mass layoffs Which raised questions about the financial health of the trading platform.
Network activity explodes
Huobi Token, which has been battling heavy selling pressure for the past few weeks, has been reinvigorated with the latest development. It broke through the $6.1 resistance for the first time in two months. Indicators like the Relative Strength Index (RSI) and the Awesome Oscillator (AO) are showing strong bullish signals.
However, it remains to be seen if the price increase will continue in the short term.
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HT chain activity increased significantly. The coin’s daily active addresses increased by 75% since February 17, while the velocity also moved on an upward trajectory.
Network growth posted a strong increase, indicating that new users are moving towards the coin in bulk. Therefore, HT holders can expect another macroeconomic trigger to drive prices even higher.