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Huobi Tokens

Huobi Tokens | Huobi Group Buys Back 14 Million HT Tokens

Huobi has withdrawn 14 million Huobi Tokens (HT) from the open market. The move is part of the cryptocurrency exchange’s plan that seeks to stabilize the altcoin price as well as create new incentives for users by curbing inflation. An Ethereum address is to store the withdrawn tokens expected to form a reverse fund.

By slashing down 14 million tokens, the exchange has essentially reduced the supply of tokens from their initial supply of 310 million coins. The reduction comes at a time when the altcoin has picked up some pace, its value having skyrocketed in recent months on the broader cryptocurrency sector turning bullish.

The Singapore-based exchange has not been able to burn the tokens at a consistent rate as revenues have continued to fluctuate quarter over quarter. Strong revenue in the recent quarter has allowed the firm to buy more tokens at a rate that is 116% greater.

This is not the first time that Huobi has moved to reduce the supply of Huobi Tokens from the market. Since early last year, the firm has slashed its HT supply in the market by 20% by using its revenues to buy back the tokens.

>> Ripple Performs Better than Broader Crypto Markets on Technical Support

Future Burn Cycle

Following the recent burn cycle, Huobi says it will no longer withdraw tokens from the market using the traditional buyback method. Instead, the crypto exchange intends to use tokens from the HT Tiered deduction program to reduce the Huobi Tokens supply in the market.

The next burn cycle will also target tokens from team holding as well as those held in the open market. Depending on how the token performs in the market, the firm intends to initiate monthly burns.

The Huobi network continues to grow at an impressive rate as evidenced by increased membership to the Huobi Prime and Fast Track programs. “The rest of 2019 will see even more improvements and innovations coming from Huobi,” said Huobi Group CEO Leon Li.

Featured image: DepositPhotos © SergeyNivens

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Stellar

Stellar (XLM) Outperforms After the Fall Earlier This Week

Stellar (XLM) is outperforming the broader crypto market on the technical rebound.

The world of cryptocurrencies can often prove to be a bit of wild ride sometimes, and it is especially so after the sort of week that has been unleashed on the crypto sphere. Many of the top cryptocurrencies declined yesterday after the comments from the head of the Federal Reserve Jerome Powell about Facebook’s Libra.

Stellar Outperforms

During the bloodbath yesterday, Stellar (XLM) dropped just like many other tokens, and at one point went down by as much as 14%. However, Stellar managed to make a turnaround today and managed to record substantial gains and remains one of the biggest gainers today among altcoins. The price of Stellar rose to $0.09861, up by 9.70%, according to the data that was available from the leading crypto exchanges.

Currently, Stellar is the 11th biggest cryptocurrency in the world in terms of market capitalization, and the total number of XLM tokens that are currently in supply stands at 19.43 billion. During today’s considerable spike in price, the total traded volume of XLM reached $505.56 million over the past 24 hours, and for all those who currently hold XLM, it is definitely an important development.

>> Bitcoin (BTC) Takes a Hit: Trump Targets the Crypto Market

The theme for many cryptocurrencies this year has been about the use case and whether it is going to get any attention from institutional investors. In this regard, it needs to be pointed out that Stellar has already made a highly important partnership with tech behemoth IBM, and due to the potential of blockchain technology in the near future, it’s speculated that this particular partnership could bring rich dividends for the cryptocurrency.

However, as the number of partnerships starts rising, it is almost certain to have a big impact on the cryptocurrency’s price. However, among many experts, there is one concern with regards to Stellar, and that is the suspected centralized nature of the token. However, if it manages to keep forging partnerships, then it could manage to bring hefty returns for its holders.

Featured image: DepositPhotos © kongvector

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Ripple

Ripple (XRP) Slips Below $0.34 Mark as Selling Intensifies

Ripple (XRP) has been very volatile since the beginning of this week. After showing positive price movement on Monday, Ripple has been correcting since Tuesday and has slumped 20% since then. At the time of writing, XRP is trading lower by 5% at $0.3310.

Key Supports & Resistances

If the digital asset maintains the declining momentum and panic continues to make people sell, then XRP prices will dip massively and close below $0.34, which will invalidate prior XRP/USD trade plans. Currently, prices have gotten back to consolidation in the $0.15 range with caps at $0.50. On the technical chart, a breach of the $0.31 level will most likely nullify the bullish outlook of the trade plans as bears are expected to drive prices to $0.285 thus retesting the main support level of Q1 2019.

Ripple has slumped 50% from its 52-week high of $0.783 and is down 27% over the past year.

About Ripple

Ripple (XRP) is strongly protected by the so-called XRP Army. The Army supports Ripple, which is the third most liquid asset in its strength, and will shut down any critics of XRP regardless of the validity of their inquiries or objective. As a result, their efforts have paid off and have seen XRP being embraced by Binance as its base currency.

>> Stellar (XLM) Outperforms After the Fall Earlier This Week

Equally the efforts of the army have seen a response from Skype, although that request is still being contemplated. Ripple is focused on expanding globally as a payment settlement platform. However, Marjan Delantine, the Head of Global Banking, indicates that the objective is not to outcompete SWIFT, which is already established, and other platforms but rather to complement them.

The appointment of IMF Managing Director Christine Lagarde as the head of ECB is good news for the crypto industry because she is open to cryptocurrencies and more so to Ripple (XRP). The ECB does still hold a firm stand against Bitcoin, which they say is an asset rather than a currency, but her being at the helm could bring about changes to the ECB’s crypto attitudes.

Featured image: DepositPhotos © akulamatiau

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Ripple

Ripple Receives Boost with ECB Change in Leadership

There is good news for the blockchain industry, especially Ripple (XRP), following the leadership change at ECB. Mario Draghi is leaving as the head of ECB, and he is being replaced by IMF Managing Director Christine Lagarde.

Change in ECB Leadership Good News for Ripple

Christine Lagarde taking over spells good times for blockchain as a growing and disrupting technology because her tenure is expected to be supportive of the industry.  Besides being among those top leaders who have openly endorsed blockchain and cryptocurrency, Lagarde is specifically focused on Ripple and its associated products.

She believes that proper regulation of the industry will enhance trust, and her enthusiasm and acknowledgment of Ripple has been bullish for XRP. Ripple is benefitting with its relationship with the White House as its top management team has friends in the Trump Administration who can help further their agenda. Corry Johnson, the ex-Chief Marketing Strategist, indicated that Ripple has consistently been communicating with White House officials.

Ripple’s objective is not to compete with SWIFT, which is currently leading the market with over 11,000 banks across the globe using its network. Ripple’s Global Banking Head, Marjan Delantine, indicates that the platform is aiming to complement the existing rival networks.

>> Monero (XMR) Jumps 6% On New Exchange Listing Hopes

Growing Momentum to Take XRP Past 50 Cents

Currently, XRP is reacting from $0.40, which is seen as a significant support level bringing XRP closer to the breakout pattern versus the USD. Buyers are currently in control of XRP as the near-term trend depends on the buyer. In the event it builds enough momentum, XRP could go past $0.50 after trading high volumes, and XRP price is expected to leap to $0.80.

However, losses below $0.34 are not good for holders as it will scare traders, and such a shock will initiate panic sells reminiscent of those witnessed in the first quarter 2019 when support was $0.30. Deep losses, although unexpected, will most likely cancel the upward trend.

Featured image: DepositPhotos © Violka08

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ChainLink

Chainlink (LINK) Continues to Get Attention, What Next?

During the course of the incredible crypto bull run that has been experienced this year so far, many coins have managed to make a mark for themselves, but one of those that has remained under the radar is the token Chainlink (LINK). Over the past 30 days, it has been among the best performing tokens among altcoins and has managed to outperform peers like Ethereum Classic (ETC) handsomely.

Notable Gains

At the time of writing, the coin is trading higher by as much as 2% and hit $3.46 on most exchanges. However, it is interesting to note that the coin also enjoyed significant volumes last week, and hit a trading volume of more than $190 million on July 5. Chainlink has a market capitalization of $1.17 billion.

Experts believe that the competition between Chainlink and DASH is going to be a brutal one in the months to come, as both coins try to corner the same market. At the end of the day, they have the same sort of functions, and that will be one of the most intriguing battles to watch in the altcoin sphere this year. If a trader bought LINK tokens around a month ago, then they would have made significant profits provided they cashed in at the end of the period.

>> Ethereum Futures Already Gaining Significant Support in the Industry

LINK is going to be one of the most intriguing coins to track in the coming days and weeks. In June alone, LINK surged by as much as 270% and left many other altcoins in the dust as it surged along ruthlessly.

Now, the important thing to watch would be an upsurge in the coming days triggered by a case of ‘fear of missing out’ among traders and investors in the crypto world. On the other hand, there are other experts who believe that a pullback could be on the way for Chainlink after a price of $4.70 was hit in the past few days.

Keep your eyes peeled!

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