Huobi Token Gains 24% as Exchange Says It Will Work in Hong Kong
Huobi’s exchange token experienced significant gains on February 21.
Huobi Token (HT) saw a 23.7% increase in value in 24 hours. At 1:20 am UTC, the cryptocurrency was priced at $6.33, its highest price since mid-December.
These gains in price are likely due to Huobi’s plans to launch operations in Hong Kong. in a tweet on February 20, Huobi said it is “terrified” about the upcoming crypto exchange policies in the Chinese region. Huobi said it aims to obtain a license and be one of the first exchanges to operate in the region in compliance with local regulations.
Earlier today, Hong Kong regulators opened a consultation that will look into the possibility of legalizing cryptocurrency trading in the territory this summer.
Huobi plans to grow its business even though it has significantly reduced its workforce this year. Around January 6, the exchange laid off 20% of its employees. That news caused HT to lose about 6% of its value in the following hours.
Huobi serves users in the Asia-Pacific market and is one of the largest cryptocurrency exchanges. Its 24-hour trading volume today stood at $459 million.
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