Huobi Global announced Sunday that it will stop serving existing China-based users by the end of this year amid the government's increasingly harsh crackdown, plunging its native Huobi Token (HT) to fresh eight-month lows.
The prominent Seychelles-based exchange founded in China and listed in Hong Kong wrote: "Huobi Global will gradually retire existing Mainland China user accounts by 24:00 (UTC+8) on Dec 31, 2021, and ensure the safety of users' assets."
The firm had previously suspended new registrations for Chinese users, taking note of the People's Bank of China's Friday edict that declared all virtual currency-related business illegal. Huobi Token cratered below $6 on major exchanges, reaching the lowest price since January. The coins of other trading venues and projects sensitive to China are also facing increased selling pressure. Seychelles-based exchange OKEx's OKB token fell to a five-week low of $7 Sunday.
Here is the rest of the week in review:
Coinbase
Amplify, Invesco
Crypto prices fell to $1.929 trillion this week, due to China's intensified crackdown. For the majors, all except stablecoins slipped, with Binance Coin (BNB) and Polkadot (DOT) posting the worst double-digit losses. In the top 100, the biggest losers were Huobi Token, down 47%, Filecoin (FIL), down 32%, and Audius (AUDIO), down 28%. The biggest gainers were Celer Network (CELR), up 67%, XDC Network (XDC), up 11%, and REN, up 9%. Next week traders will see if the regulatory-driven selloff continues.
The author owns a small amount of BTC.
- 1. https://www.coindesk.com/markets/2021/09/26/huobi-to-gradually-expel-its-china-users-in-wake-of-ban-token-slides-to-8-month-low/
- 2. https://techcrunch.com/2021/09/22/coinbase-to-propose-a-federal-regulatory-framework-for-crypto-to-u-s-officials-within-the-next-month/
- 3. https://www.coindesk.com/business/2021/09/21/crypto-companies-continue-etf-proposal-spree-with-bitcoin-defi-filings/