Huobi, one of the largest cryptocurrency exchange platforms in China, appears to be pursuing further expansion of its business following the recent regulatory clearance in Hong Kong. According to an official announcement by Huobi Technology Holdings Ltd., the company’s asset management subsidiary has secured approval from the Hong Kong Securities and Futures Commission to launch a cryptocurrency asset management portfolio. The news is a follow-up to Huobi securing “Type 4” and “Type 9” licenses from the SFC back in July 2020. In Hong Kong, a Type 4 license enables a company to act as a securities investment adviser while a …

Crypto industry actors in Hong Kong have been trying to push back against a forthcoming law that would restrict legal cryptocurrency trading to professional investors, locking out 93% of the local population from the market. In comments to the South China Morning Post published on Monday, industry body Global Digital Finance warned that the proposed law would likely push retail traders to embrace unregulated platforms. Global Digital Finance represents cryptocurrency exchanges such as BitMEX, Huobi, Coinbase and OKCoin and has been at the forefront of industry efforts to push back against the forthcoming legislation. Hong Kong's Financial Services and the …

Today Bitcoin (BTC) price rallied to a new all-time high at $44,900 shortly after Tesla announced a $1.5 billion investment. This event triggered $555 million worth of shorts to be liquidated in two hours and it happened as Bitcoin futures open interest reached $13.7 billion, which is just 3% below its historical high. These price moves drastically increased the cost of carrying long positions, mainly for those using perpetual futures. This indicator raised a yellow flag on how leveraged those investors are and their potential price impact. As shown adove, the aggregate BTC futures open interest just reached a $15 …

Over the last 48 hours, Bitcoin (BTC) price climbed from $31,000 to $34,800 before reversing course and dropping the majority of these gains. While this $3,800 shift to the downside might not seem significant, the 12% oscillation liquidated $660 million worth of futures contracts. While it’s unlikely that there will ever be a definitive answer behind the move, on Jan. 25, President Joe Biden voiced his willingness to lower the $1.9 trillion stimulus package. This might have reduced incentives for those buying BTC as an inflation protection or a hedge against U.S. dollar devaluation versus leading global currencies. Shorter-term charts …

After dropping 27% over three days, Ether (ETH) price finally reached a bottom at $1,040 on Jan. 22. The sharp correction liquidated $600 billion worth of future contracts but interestingly, Ether price rebounded to a new all-time high even as Bitcoin price continues to trade in a slight downtrend. According to Cointelegraph, the increasing TVL and transaction volumes of the decentralized finance sector are behind Ether’s impressive surge. To determine whether the recent pump reflects a potential local top, we’ll take a closer look at on-chain flows and derivatives data. Exchange withdrawals point to whale accumulation Increasing withdrawals from exchanges …

Polkastarter (POLS) is a cross-chain token pool and auction protocol built on the Polkadot (DOT) blockchain. It launched in October of 2020 as a way for projects to raise capital in a decentralized environment and since January the token has rallied 500% to a new high at $1.78. Three possible reasons for the recent growth of POLS are the strong rally seen from Polkadot, strategic partnerships and exchange listings and an expanding list of token launches via auctions. The rise of Polkadot The rising popularity of the Polkadot network is arguably the most significant influencer on the price of POLS. …

Ether’s (ETH) performance over the past week has been nothing short of exceptional. The price rallied from a $905 low on Jan. 11 to a new all-time high at $1,440 on Jan. 19. According to Cointelegraph, the main reasons fueling this move are the growth of decentralized finance (DeFi) protocols as the total value locked reached $24 billion, Ethereum daily transactions surpassing 1.2 million and Bitcoin (BTC) price consolidating below $40,000. Nevertheless, the latest leg of Ether’s rally on Jan. 19 presented a different dynamic from the previous breakouts. A much use of derivatives leverage has been deployed this time …

Major global cryptocurrency exchange Huobi is introducing Russia’s national fiat currency on its trading platform. According to a Jan. 12 announcement, Huobi Global now supports deposits and withdrawals in the Russian ruble. The new feature enables users to purchase and sell major cryptocurrencies like Bitcoin (BTC), Ether (ETH), Tether (USDT), and Litecoin (LTC) for rubles. Other supported coins include EOS, Bitcoin Cash (BCH), Ethereum Classic (ETC), Bitcoin SV (BSV), DASH, as well as two Huobi-backed tokens like Huobi Token (HT) and Huobi Pool Token (HPT). To add ruble support, Huobi partnered with AdvCash, a fiat and crypto payment processor. The …

2020 was the most important year for the crypto derivatives market so far. Both Bitcoin (BTC) and Ether (ETH) derivatives steadily grew throughout the year, with their futures and options products available across exchanges such as the Chicago Mercantile Exchange, OKEx, Deribit and Binance. On Dec. 31, Bitcoin options open interest reached an all-time high of $6.8 billion, which is three times the OI seen 100 days before that, signifying the speed at which the crypto derivatives market is growing amid this bull run. The bull run has led to a lot of new investors entering the market amid the …

Huobi Group, the company behind major global crypto exchange Huobi, is apparently planning to return to the United States with a new license secured from local regulators. After ceasing operations in the U.S. in late 2019, Huobi seems to be interested in opening a trust company business in the country. Trusts are companies tasked with managing assets for a group of owners or investors. Grayscale's trusts use this structure to offer cryptocurrency exposure within traditional markets. According to a Dec. 22 announcement by Huobi Technology Holdings, the company’s Nevada-incorporated business Huobi Trust has received a Trust Company License from the …

Turkey’s crypto and blockchain ecosystem welcomed 2020 with big ambitions and a strong track record from 2019, which was its best year ever in terms of adoption. Following the release of Statista’s “Global Consumer Survey 2019,” which lists Turkey as a global leader by a wide margin in terms of crypto use, one major crypto exchange after another announced plans to set up shop in the country. Huobi and Binance established their offices in Istanbul, Turkey’s biggest city and business center. Big players from Europe like Crypto.com and Bitpanda showed clear interest in the Turkish crypto ecosystem. The Turkish lira, …

Huobi Global, Huobi Group's flagship crypto exchange headquartered in Singapore, may have had a rocky fall in 2020 — at least, as circulating FUD and the rumors go. Today, Nov. 27, the brand has better news to announce, with the launch of another, independent platform licensed to use the Huobi name. Targeted at the Malaysian market, the new Huobi Labuan is launching trading services shortly after having secured a digital asset trading brokerage service license from Malaysian authorities in Sept. 2020. For an initial nine-month trial period, the new platform will be able to offer crypto spot and derivatives trading …