Huobi Token Outperforms Top 20 on China News

Huobi Token Outperforms Top 20 on China News
(Source: iStock/ilbusca)

Week-to-date, Huobi Token (HT), the ecosystem token of the Singapore-based cryptocurrency exchange, Huobi Global, is up almost 4%, outperforming the rest of the top 20 digital assets by market capitalization.

At pixel time (12:13 AM UTC), HT trades at c. USD 2.82 and is down by 1.5% in the past 24 hours, trimming its weekly gains to 3.6%. The price is down by 29% in the past month, but is up by 134% in a year.

After peaking at USD 5.3 in August, HT is down 47%. Losses in November were steep, as shown by the arrangement of daily chart candlesticks. Before this week’s recovery, candlesticks were banding along the lower band of the Bollinger Band, a widely used technical indicator, revealing weakness.

This week Huobi showed more signs that it may finally be returning to the fold in China, over two years after a Beijing crypto crackdown forced domestic trading platforms out of the country. Huobi China has joined a state-endorsed blockchain alliance named the Blockchain Services Network. The network plans to offer blockchain infrastructural services to local or international entities.

According to Matthew Graham, CEO of the advisory company Sino Global Capital, Huobi and OKEx, a competing crypto exchange originally from China but now based in Malta, have now some “level of institutionalization” in China, while several trading platforms have halted operations or announced they will no longer serve domestic users as the country started a new crackdown on crypto trading.

According to Graham, “it’s been well understood for some time that Huobi and OKEx have substantially better relationships with Chinese government than Binance.” Earlier, it was widely reported that the police had “raided” Binance offices in Shanghai, a claim that was dismissed by Changpeng Zhao, the CEO of Binance. Moreover, as reported, Weibo, a Chinese Twitter-like service, suspended Binance’s account.

Meanwhile, OKB, the native token of OKEx, shows mixed results as multiple market data aggregators provide contradicting data about this token. E.g., it’s ranked 17th by market capitalization at Coingecko and 1,816th at Coinpaprika, while its weekly price change range from -19% (Messari) to +11% (Coingecko).

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