Monat: November 2023

• Huobi Token (HT) rises to a five-month high.
• Today’s surge has broken a 12-month downtrend.
• Daily trading volume for HT reaches $33.1 million, the highest in months.

The native cryptocurrency of crypto exchange HTX, Huobi Token (HT), has seen a remarkable surge in its price, reaching a five-month high of $3.035.

This sudden price increase comes on the heels of a period where HT experienced a persistent 12-month downtrend. In 2021, HT reached an all-time high of $34.80 but has struggled to regain that momentum.

Record-breaking trading volume

The surge in Huobi Token’s price is accompanied by a substantial increase in its trading volume.

Daily trading volume for HT has hit $33,120,880, marking the highest volume trading day since February. This significant uptick in trading activity is a stark contrast to the previous week when trading volumes ranged between $2 million and $5 million, with HT trading around $2.40.

Most of this recent trading activity took place on the HTX exchange itself, with the HT/USDT trading pair reaching $26 million in volume over the past 24 hours.

The exact reasons behind this surge remain uncertain. Huobi advisor Justin Sun in an address to a leading media outlet has expressed his lack of knowledge regarding the cause. 

However, this surge coincides with a broader sense of optimism in the altcoin market, likely driven by hopes for the approval of a spot Bitcoin (BTC) Exchange-Traded Fund (ETF) by the US Securities and Exchange Commission (SEC).

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• Polygon’s price traded to $0.84, a level last seen in July.
• Meanwhile, Bitcoin (BTC) climbed to $36,800 amid optimism around spot Bitcoin ETF approval.
• MATIC is trading higher as continued whale accumulation adds buy pressure to the market.

Polygon (MATIC) price rose early Thursday morning to trade at highs of $0.84 on major crypto exchanges. 

The token’s nearly 6% price jump in the past 24 hours means the native token of the layer-2 Ethereum scaling platform reached a four-month high. The altcoin’s market cap has also increased to $7.6 billion, up more than 5.4% in the past three weeks.

Why is Polygon (MATIC) price up?

Polygon’s price has returned to levels last seen in July as cryptocurrencies hit $1.4 trillion in global market cap and 24-hour trading volume of $77 billion.

Meanwhile, Bitcoin (BTC) price climbed to above $36,800 as the optimism around the ecosystem increased. Analysts are bullish on the flagship crypto amid possible catalysts in spot Bitcoin ETF approval and BTC block reward halving in 2024.

For MATIC, the latest dose of upward sentiment comes amid continued whale accumulation. Polygon whales with between 100k and 10 million MATIC have bought an additional 42.88 million tokens since October 24, market intelligence and analytics platform Santiment noted in a post on X.

📈 With #altcoin milestones continuing to fire off, #Polygon has steadily risen back to $0.80 and increased its market cap by +54% in just 3 weeks. And in the past 2 weeks, the key wallets holding 100K-10M $MATIC have supported this rise by accumulating. https://t.co/i7lMmBgRbX pic.twitter.com/dWGXJ8CzOK

— Santiment (@santimentfeed) November 9, 2023

A total of 161 transactions valued at over $100,000 in one day highlights the appetite by large holders to accumulate the token. The overall outlook is that this trend has coincided with the price of MATIC picking upside momentum.

If bulls lock onto the next target at $1.00, its possible MATIC/USD could rally to year-to-date highs of $1.54 reached in February. The token’s all-time high of $2.92 was reached in December 2021.

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• HSBC plans to offer digital asset custody services for institutional clients.
• The bank will offer the custody services in collaboration with Metaco, a DeFi firm owned by Ripple.
• The custody services will complement HSBC’s existing digital asset issuance platform, HSBC Orion.

HSBC Holdings Plc is gearing up to make a significant move in the financial industry by offering custody services for digital assets to institutional clients.

In a strategic partnership with Ripple-owned decentralized finance (DeFi) firm Metaco, the global banking giant is set to provide solutions tailored to the evolving landscape of digital finance.

HSBC’s plan

HSBC’s foray into digital asset custody is a response to the rising demand from asset managers and owners for secure and efficient management of digital assets.

These services are anticipated to become operational in 2024, aligning with the bank’s vision of staying at the forefront of the digital finance revolution.

HSBC Orion, the bank’s digital asset issuance platform, already symbolizes ownership of physical gold stored in its London vault through digital tokens. The platform tokenizes physical gold using blockchain technology.

The forthcoming digital assets custody service will work in tandem with HSBC Orion, broadening the scope and robustness of the bank’s digital asset infrastructure.

Blockchain adoption in the finance industry

HSBC’s move follows the lead of other major financial institutions, including JPMorgan and Deutsche Bank, which have been actively exploring blockchain applications for commercial purposes. JPMorgan’s JPM Coin payment system, for example, is processing a daily transaction volume of $1 billion.

Notably, Citigroup, another prominent financial institution, is also making strategic moves in the digital asset space. While Citibank has an existing collaboration with Metaco, recent reports suggest that it is engaged in informal discussions with alternative service providers. This may be influenced by Ripple’s acquisition of Metaco for $250 million, highlighting the competitive dynamics in blockchain adoption among financial giants.

HSBC’s entry into digital asset custody is more than just an expansion of its product portfolio; it represents the bank’s commitment to adapting to the changing financial landscape. It acknowledges the growing role of blockchain technology and digital assets in the future of finance.

As institutional clients increasingly seek secure and innovative digital asset services, HSBC is positioning itself as a go-to provider, aligning its trajectory with the pulse of a digital-first financial ecosystem. The banking giant’s upcoming digital asset custody service is a bold declaration of its vision for a future intertwined with blockchain innovation.

This development signifies a new era where traditional banking meets digital transformation, and HSBC is setting the pace, ensuring its institutional clients are well-equipped for the journey ahead.

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• Crypto exchange OPNX secured a virtual asset license for EU operations.
• The exchange will have to adhere to high compliance and security standards.
• OPNX plans to acquire additional licenses for broader service offerings throughout the EU.

OPNX, the cryptocurrency exchange founded by Kyle Davies and Su Zhu, has obtained a virtual asset service provider (VASP) license from Lithuania.

The exchange can now offer spot crypto exchange services throughout the European Union.

High standards of compliance and security

The licensing announcement emphasizes OPNX’s commitment to adhering to the highest standards of compliance and security. In pursuit of this goal, the exchange has already implemented a robust Know Your Customer (KYC) and Anti-Money Laundering (AML) system to ensure it complies with EU regulations.

Leslie Lamb, CEO of OPNX, expressed the importance of this achievement, stating, “Securing the VASP license from Lithuanian authorities is a significant milestone in OPNX’s worldwide expansion and our mission to serve crypto users across the globe.”

However, Lamb clarified that while this license allows OPNX to provide spot trading services throughout the EU, some jurisdictions within the EU may require specific licenses to operate certain services. OPNX is actively working to acquire these additional licenses to broaden its service offerings.

Controversies facing OPNX and its reply

OPNX has faced controversy due to its founders’ associations with prior bankruptcies in the cryptocurrency industry. Kyle Davies and Su Zhu were also involved in the bankrupt crypto hedge fund Three Arrows Capital (3AC), and Mark Lamb and Sudhu Arumugam founded the bankrupt crypto exchange CoinFLEX.

Critics have raised concerns about the safety of using OPNX, but the exchange asserts that it is assisting bankruptcy creditors by enabling them to sell their bankruptcy claims and receive payments more swiftly.

The licensing of OPNX in Lithuania allows the exchange to extend its services to a broader European audience, offering spot crypto trading services. While controversy surrounds its founders’ previous ventures, OPNX remains committed to meeting regulatory standards and expanding its services in line with the evolving cryptocurrency industry.

With a focus on compliance and security, OPNX aims to serve the cryptocurrency community within the EU while actively working to obtain the necessary licenses for other services in specific EU jurisdictions.

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