The Huobi Token (HT) reported modest gains in 24-hour intraday trading on Tuesday. This came despite reports that the exchange was planning to launch a brand-new crypto ETF in Hong Kong. The coin remained largely unchanged for most of the day. Here is what to know:
The new Crypto ETF is expected to track some of the major crypto assets
It will largely target retail investors around the world
Huobi is now seeking approval from Hong Kong authorities to get this done.
Data Source: Tradingview
Will the new ETF have any effect on Huobi Token (HT)?
Based on how investors have so far reacted to this news, it doesn’t seem like there will be a lot of price action as a result. But this is not a small thing by any means. For so many years, ETFs have provided an easy way for retail investors who have limited knowledge of the market to invest money with minimal risk.
If something like that can be introduced in crypto, it could bring in more retail accounts to Huobi in the long run. Besides, it will also be a nice way for Huobi to bypass restrictive laws in Hong Kong that only allow crypto assets to be sold to professional investors. The potential of this opening up the huge Chinese market for crypto traders is massive.
Is Huobi (HT) worth it?
Huobi is one of the largest crypto exchanges in Asia. The platform has however had to deal with so many restrictions over there. But we are seeing more creative ways to bypass these laws.
If indeed the ETF will be approved, it would open up more potential for the exchange. This would then mean more fees and more revenue. Based on these details, Huobi would be a good catch for longer-term value investors.