Despite the market’s bearish sentiment, the Huobi Token (HT) coin has extended its bullish rally and drawn some strong bids around the $15 mark as part of its all-inclusive Prime Membership Program. Even though the major cryptocurrencies are trading in the red, the Huobi Token (HT) coin has extended its upward rally and gained significant positive traction around the $15 mark. However, its bullish resurgence could be its recent launch of the “Inclusive Prime Membership Program” to attract active traders. Meanwhile, investor confidence in the coin was seen as a key factor driving its upward trend.
The Huobi token’s market listing is a good reason for it to perform well in terms of value. It appears logical that the token’s price continues to rise, benefiting those who resist the least. On the negative side, according to the Securities Commission of Malaysia, Huobi is allegedly operating without a formal registration from regional regulators. According to the statement, the cryptocurrency exchange is now on the SC’s Investor Alert List.
As a result, this was a critical factor in limiting any further gains in the Huobi coin.
Prime Membership Inclusive
Huobi Global, the market-leading trading platform for crypto assets operated by the Huobi Group, recently announced the launch of its new Prime membership program. However, the membership program aimed to increase users’ chances of earning money while lowering the costs associated with trade transactions.
Huobi Global’s Prime is available to both professional and retail investors. In addition to improving benefits for Huobi Global’s growing global community, Prime will also increase interest in digital trading assets on the company’s platform. In addition, prime members can get transaction costs as low as 0.0126% off. This only applies to spot trading.
🔥#Huobi Prime 🚀
Membership Is Coming!
The first #VIP system for everyone,
Level up to enjoy the best benefits!👏
🔥WIN Prime Vouchers:
🟢 Follow + Like + RT
🟢 Tag 3 friends
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— Huobi (@HuobiGlobal) August 25, 2022
Meanwhile, members will be eligible for refunds of up to 0.01% of the total transaction value. Members will receive unique benefits and trading charge reductions beginning with the Prime1 level. In addition, higher-level members will receive additional benefits and services such as higher daily withdrawal limits, digital asset management services, asset reports, investment advisors, and market research. As a result, this program significantly impacts the Huobi coin’s value.
The Crypto Market Sell-Off
Yesterday, the total value of all cryptocurrencies fell by 1.08 percent to $957.05 billion, putting the cryptocurrency market in the red for the day. Over the last day, the total value of the cryptocurrency market fell by 15.35% to $54.89 billion. This was observed following the sharp drop in the value of several major cryptocurrencies. Many cryptocurrencies, including the world’s largest cryptocurrency, Bitcoin (BTC), as well as Ethereum (ETH), XRP, Cardano (ADA), Solana, and meme token Dogecoin (DOGE), have seen significant drops in value.
As a result, the bearish crypto market was viewed as one of the key factors limiting further gains for the Huobi coin. However, growing concerns about the aggressive US Federal Reserve rate hike announced by Powell last week may be to blame for the gloomy cryptocurrency market. According to CNBC, the Dow Jones Industrial Average dropped more than 1,000 points as the market ended the day lower overall. As a result, the Nasdaq website’s stock market activity tracker has been flashing red.
Malaysian Regulators have Warned Investors About Huobi
Huobi is not formally registered with any national authorities, according to the Securities Commission of Malaysia. The Malaysian Securities Commission stated Huobi’s operations in Malaysia (SC). According to the most recent report, the cryptocurrency exchange has been added to the SC’s Investor Alert List.
According to Malaysian financial officials, Huobi has been operating a digital asset exchange in Malaysia without being formally registered with the SC. This news may have a negative impact on the Huobi coin, causing it to lose its positive performance.
Huobi Token (HT) Up 11% in Seven Days
Huobi Token is trading at $4.91 with a 24-hour trading volume of $278 million. In the last 24 hours, Huobi Token has dropped 5.35%. However, HT gained 10% in seven days. With a live market cap of $753 million, CoinMarketCap currently ranks #57. There are 153,357,694 HT coins in circulation, with a maximum supply of 500,000,000 HT coins. The Huobi (HT) coin price gains were also capped by a stronger US dollar, which reached a new 20-year high.
The US dollar reached its highest level against other major currencies in 20 years due to Federal Reserve Chair Jerome Powell’s statement that interest rates will remain high for longer to combat rising inflation.
Huobi Token (HT) Price Chart – Source: Tradingview
On the technical front, the HT/USD pair is gaining immediate support at the $4.74 level, which is extended by an upward trendline. A break below the $4.74 level can expose the HT/USDT pair towards the next support level of $4.37. whereas the resistance continues to stay at the $5.30 level.
On the higher side, a break above the $5.30 level can lead the HT/USD price towards the $5.75 level. Let’s consider staying bullish over $4.75 and vice versa. Good luck!