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Huobi Resumes Operations in Japan as a Fully Regulated Exchange

Huobi resumes operations in japan as a fully regulated exchange

Huobi Resumes Operations in Japan as a Fully Regulated Exchange

Huobi resumes operations in japan as a fully regulated exchange

Huobi is back in Japan, this time as a fully regulated exchange under Japan’s Financial Services Agency (FSA).

Following its merger with BitTrade, Huobi Japan Holding Ltd. is now among the first batch of 17 to receive registration under the FSA and is able to relaunch Huobi Japan.

Leon Li, Huobi Group founder and CEO, called the launch an “important milestone” in a statement, adding that the Japanese market remains important to the group and that working with its “regulators is a longstanding priority for Huobi Group.”

Japan’s financial regulator had directed all cryptocurrency exchanges not registered as a licensed exchange with the agency to cease operations in 2017.

Huobi had left at the time, hoping to merge with SBI Virtual Currency, but that deal fell through.

Following Coincheck’s hack in January 2018, the FSA had ramped up requirements for exchanges, with 160 applicants waiting in line for approval as of October 2018. Unable to get approval, Huobi acquired a majority stake in Japanese-licensed operator BitTrade, as it prepared to stage a comeback into the market.

At the moment, Huobi Japan will offer trading of bitcoin BTC, ripple, ether, bitcoin BTC cash, litecoin and monacoin, traded against the Japanese Yen. The exchange is also offering zero-fee transactions during the launch period.

Livio Weng, CEO of Huobi Global, told bitcoin Magazine that Huobi Japan would draw on the expertise of the group to operate an exchange that offers better liquidity, with a strong focus on the safety and security of customer’s funds.

“In addition to now offering our users a fully regulated and compliant place to trade digital assets, Huobi Japan also brings with it Huobi Group’s half-decade of experience in cryptocurrency and blockchain.”

Currently ranked as the sixth largest crypto exchange platform in the world, Huobi Group was founded in China back in 2013. The company maintained its headquarters in Singapore after the Chinese government initiated a crackdown on domestic cryptocurrency exchanges in 2017.

Huobi also operates exchanges in Canada, UAE, Australia and Brazil.

Published at Fri, 18 Jan 2019 16:03:30 +0000

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Bitcoin Gold Price Technical Analysis – BTG/USD Preparing for Next Break

Key Points

  • bitcoin gold price has recovered well from the $205 support zone against the US Dollar.
  • There is a contracting triangle forming with current resistance at $255 on the hourly chart of BTG/USD (data feed from Bitfinex).
  • The pair might make the next move soon either above $255 or below $235 in the near term.

bitcoin gold price is moving nicely above $200 against the US Dollar. BTG/USD is now preparing for the next break with resistance at $255.

bitcoin Gold Price Resistance

Recently, we saw a declining pattern in bitcoin gold price from the $300 swing high against the US Dollar. The price traded below the $280 and $250 support levels and moved closer to the $200 handle. A low was formed at $207 from where the price started an upside recovery. It has moved above the 50% Fib retracement level of the last decline from the $275 high to $207 low.

However, the price is struggling to move above the $260 resistance level. Moreover, the 61.8% Fib retracement level of the last decline from the $275 high to $207 low also prevented gains. It seems like there is a contracting triangle forming with current resistance at $255 on the hourly chart of BTG/USD. The triangle resistance at $255-260 is a major hurdle for buyers. On the positive side, the price is currently above $240 and the 100 hourly simple moving average.

Bitcoin Gold Price Technical Analysis BTG USD

On the downside, there is a connecting trend line with support at $240. Therefore, it seems like the pair is approaching a breakout either above $255 or below $235. Above $255-260, the price could trade higher towards the $300 level. On the other hand, below $235, the price could retest $200.

Looking at the technical indicators:

Hourly MACD – The MACD for BTG/USD is slowly moving in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTG/USD is moving higher towards the 70 level.

Major Support Level – $235

Major Resistance Level – $260

 

Charts courtesy – Trading View, Bitfinex

The post Bitcoin Gold Price Technical Analysis – BTG/USD Preparing for Next Break appeared first on NEWSBTC.

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