Amid activity and bulk movement of coins to leading cryptocurrency exchanges, Binance Coin (BNB), Huobi Token and OKEx coin haven’t been spared from bears.
Exchange Coins—Binance Coin, Kyber Network (KNC), OKEx coin (OKB); Falling.
On average, these coins are down 10%. BNB and Kyber Network (KNC) are both down 10%. OKEx coin (OKB) is down 8% in the past trading day.
Activity is a mark of demand and demand instead leads to higher prices. That’s how market forces operate and that is ideally how it is. But it appears as if traders are fleeing to safety. The flight to safety has seen stable coins like Tether (USDT) and USDC trade at a premium.
With most of these coins based in Ethereum which is also emerging as a widely adopted platform, stable coins are now trading at a premium with a dollar yielding moved to stable coins, yielding less when premiums and network fees are applied.
At the time of going to press, USDT is trading at $1.01.
Binance Tremendous Growth
Binance has been in recent years been a mark of success and is dominant. Launched in 2017 after a successful ICO, its native currency has grown by leaps and bounds.
BNB was one of the top performing coins in 2019 after bottoming up from roughly $5 in late December 2018—the depth of the crypto winter, rallying to around $33 before correcting back to spot prices.
Already, US traders are barred from trading through the exchange and to counter outflow of capital from a platform that’s liquid, while supporting a variety of tokens and offering an investment opportunity for investors, they have an exchange in the US, Binance US.
Huobi in Thailand
The same applies to Huobi Token, which while HT is not supported in the United States, continues to expand and offer interesting products to traders.
Huobi Global, like Binance, lists a variety of coins with base currencies as BTC, ETH, and HT. Huobi now has a presence in Thailand where traders can exchange digital assets—Bitcoin, Ethereum, USDT, and HT with fiat.
What is Huobi Thailand 🇹🇭 all about?
— Huobi (@HuobiGlobal) July 26, 2019
Thailand is supportive of cryptocurrencies and blockchain. The Vice President of Global Business at Huobi Group Ciara Sun said the move was to ensure equity of resources.