Huobi offers cryptocurrency trading for US residents, but the market fails to react

Cryptocurrency market is a sea of red.
Huobi enters US market via strategic partner.

Tanya Abrosimova Independent Analyst

Most major coins are sliding amid bearish sentiments. Bitcoin, the digital coin No.1 has lost over 5% since this time yesterday, while Ethereum, the second largest coin by market capitalization, is down 6.7% with the market cap $43.5B against $47.8 on Tuesday. ETH/USD is changing hands at $428 and moving quickly to critical $400. Ripple, the third largest coin with the market cap of $17.4B, is trading at $0.4420, down 4% on daily a basis.

Chinese-based cryptocurrency exchange and blockchain asset solutions provider Huobi has entered the US market via its strategic partner HBUS. US residents have access to its virtual currency trading platform starting from July 10th at 10:00 AM (PT). They have access to 22 different virtual currencies and the full scope of the platform's functionality.
However, HBUS does not currently serve residents in Alabama, Connecticut, Georgia, Louisiana, New York, North Carolina, Hawaii, Vermont, and Washington, according to the press release.
The virtual currency trading platform operates online under FinCEN license as a money services business and represents a separate legal entity from Huobi Group, with its own ownership and leadership.

Author

Tanya Abrosimova

Independent Analyst

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