CRYPTO NEWS

Huobi Thailand License Revoked, Crypto Exchange To Shut Operations

Crypto exchange platform, Huobi is winding down its operations in Thailand, according to the statement by the platform. This closure is due on the 1st of July, 2022.

The whole process of closing down somehow got aggravated after Huobi got into some trouble with the local watchdog earlier last year when it was found to have violated regulations.

The reason for this move can be attributed to the revoking of Huobi’s license as an exchange. The Board of the Securities considers the crypto exchange platform  an unauthorised digital asset trading centre in Thailand.

Reports from Chainanalysis supposedly mentions that Thailand has one of the highest adoption rates of DeFi (Decentralised Finance) right after the US and Vietnam in ranking.

Despite having a positive stance about crypto, the Thailand government are introducing ways to control and oversee crypto.

As of early 2022, the country had a total of eight crypto currency exchanges that were licensed.

Huobi Remains In Touch With Customers Regarding The Crypto Withdrawals

Huobi mentions that it is constantly trying to be in touch with its customers in order to help them navigate the situation.

The crypto exchange is providing all kinds of guidance for customers to be able to withdraw their digital assets seamlessly. Despite such attempts, it acknowledges that some customers still remain out of reach.

The platform is providing details of customers who are unreachable so that they withdraw their funds quickly before Huobi shuts operation in Thailand permanently.

In its official statement, Huobi mentions,

After the closure of the Huobi Thailand platform, Huobi Thailand will no longer have any connections nor legal binding with Huobi Group and its affiliates. Huobi Group and its affiliates are not and will not be responsible for any issues regarding to Huobi Thailand

Huobi Thailand started its operations in the country just a little over two years. This was after the crypto exchange platform strived to achieve global expansion right after it moved out of China.

Recently, China has been tightening its policies around crypto trading. Huobi was originally found in China.

Related Reading | Chinese Crypto Exchange Huobi To Expand In Latin America, Buys Bitex Crypto Exchange

So What Was The Issue With Huobi’s License?

Earlier last year, the platform was noticed by the local watchdog because of its management structure.

After the review that happened in February-March last year, Thailand’s Securities and Exchange Commission (SEC) stepped in to notify Huobi about the existing flaws in the platform itself along with other structural and management issues.

This year, in April, SEC intimated Huobi to shut its services for the time being and work on the regulatory issues pointed out by SEC.

The crypto platform had also received extensions after the notification. After the exchange failed to address the flagged issues, in September, SEC decided to revoke the license of the exchange causing it to permanently shut its operation in Thailand.

Huobi Thailand stated,

We are sorry our journey has come to the end, and we sincerely thank you for your long support

It is also important to bear in mind that those who still remain unreachable and are liable to lose their funds won’t get any assistance from Huobi after it shuts operations permanently in Thailand in the month of July.

Related article | Thailand Gives Tax Break For Digital Assets

Crypto
Bitcoin was priced at $20,000 on the one day chart | Source: BTCUSD in TradingView

How likely will Ethereum rebound at the $1000 – $1100 level?

Ethereum is forming support at around $1,000. The cryptocurrency price has been weakened by the waning DeFi and NFT sectors. Ethereum is yet to bottom as the price remains bearish. Ethereum ETH/USD has oscillated between the $1,000 to $1,100 level for almost three weeks. We do not consider the level/zone as established support. However, bulls::Listen

  • Ethereum is forming support at around $1,000.

  • The cryptocurrency price has been weakened by the waning DeFi and NFT sectors.

  • Ethereum is yet to bottom as the price remains bearish.

Ethereum ETH/USD has oscillated between the $1,000 to $1,100 level for almost three weeks. We do not consider the level/zone as established support. However, bulls resist further downside, and a potential reversal could occur. At the current price of $1,047, Ethereum has slightly recovered. This was after slipping below $1,000 in the third week of June.

Since topping $4,800 Ethereum in November 2021, Ethereum has failed to match the gains. Crypto weakness and waning interest in NFTs and DeFi have contributed to the decline. NFT sales are now at their one-year lows. The sales hit the lowest in the year in June. However, NFTs and DeFi remain popular market segments as the crypto sector booms. We believe it’s a matter of when and not if Ethereum will recover to its former self. Investors should be watching for price bottoms to take the price higher. The key question is, has Ethereum bottomed at the $1,000-$1,200 region?

Ethereum consolidates at $1,000 bottom, but the price is under pressure

Source – TradingView

Technically, we view $1,000-$1,100 as a potential zone for Ethereum. The cryptocurrency is establishing the zone as important support. However, technical indicators suggest that Ethereum could fall further. Although the MACD line moves above the moving averages, it is still yet to get out of the bear zone. Again, the 14-day and 21-day moving averages suggest a bear market. The confirmation of a rebound is if the price successfully moves above moving averages. The price surge must also coincide with an improved crypto sentiment.

The other likely bottom is the established support at around $750. With the current bear market, $750 is a very realistic bottom for Ethereum. The level will be reached if Ethereum breaks below $1,000. For now, there is no confirmed bottom for Ethereum, and the price could fall further.

Summary

Ethereum is bearish at developing support of $1,000-$ 1,100. The token is yet to become bullish, and the price could fall to $750.

The post How likely will Ethereum rebound at the $1000 – $1100 level? appeared first on CoinJournal.

Huobi Thailand License Revoked, Crypto Exchange To Shut Operations

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