Huobi Observation: The United States proposes a stablecoin bill, excessive regulation may affect industry innovation

According to CoinDesk on December 2, U.S. congressmen Rashida Tlaib, Jesús “Chuy” García, and Stephen Lynch proposed a new bill called the “Stablecoin Network Sharing and Banking License Enforcement Act” (STABLE) on Wednesday, which will require stablecoins. Coin issuers must obtain a banking charter and obtain regulatory approval before issuing stablecoins, citing the Facebook-led Libra (which has been renamed Diem) stablecoin as an example.

After the stablecoin bill was proposed in the United States, cryptocurrency market giants expressed their confusion. On December 3, Mike Dudas, the founder of The Block, tweeted comments on the regulation of stablecoin issuers proposed by members of the U.S. Congress, arguing that the bill is a "typical Democratic Party-style over-regulation." Uniswap founder Hayden Adams believes that the stablecoin bill will damage the industry and damage innovation. If the U.S. wants to protect consumers from high-risk stablecoins, it should release an official government-backed USD token.

Huobi Global will open SWFTC/USDT currency trading at 18:00 on August 28: According to the official announcement, Huobi Global will open SWFTC/USDT currency trading at 18:00 on August 28, 2020. [2020/8/28]

Circle co-founder and CEO Jeremy Allaire also believes that the stable currency bill may be a major setback for digital currency innovation in the United States. The bill limits the accelerated development of the blockchain and financial technology industries. Stablecoin-related standards and regulatory policies. This coincides with the views of PayPal CEO Dan Schulman. In an online conference on Dec. 3, Dan Schulman said that the cryptocurrency industry cannot thrive without working with regulators.

Hong Kong stocks closed: Huobi Technology closed down 4.00% Okey Cloud Chain closed up 1.69%: Hong Kong stocks closed today, the Hang Seng Index closed at 24776.77 points, up 0.03%; Ooke Cloud Chain (01499.HK), a subsidiary of Ooke Group, closed at 0.18 points , closed up 1.69%, and Huobi Technology (01611.HK) closed at 3.36 points, down 4.00%. [2020/6/8]

Huobi Institute believes that after members of the U.S. Congress proposed the new bill "Stablecoin Network Sharing and Bank License Enforcement Act", the U.S. cryptocurrency giants took a negative stance on it. It is proposed unilaterally that this is over-regulation and may have affected the enthusiasm for innovation in the industry. Stablecoins, as the hard currency circulating in the cryptocurrency trading market, should maintain a prudent attitude in supervision. Supervision should actively engage in dialogue with leading encryption companies to minimize the impact of the formal introduction of the bill on the industry. On the other hand, the proposal of the Stablecoin Act also indicates that the Facebook-led Libra (renamed Diem) stablecoin is facing increasingly severe supervision. Before the official launch of the legal digital currency in the United States, the United States may continue to launch and improve it. The new stablecoin bill imposes restrictions on the stablecoin market.

Fang Jun from Huobi University: Bitcoin and blockchain are leading a new wave of IT development: On May 12, 2020, Bitcoin will usher in the third block reward halving in history. “Every Bitcoin halving must be a key node in the history of Bitcoin, and its underlying technology is blockchain technology. Therefore, if you understand the system behind Bitcoin, you can understand blockchain.” Huobi University Advisor Partner Fang Jun said that the blockchain is not developed independently, but developed on the basis of the Internet for many years. Bitcoin and blockchain are leading a new wave of IT development. If you missed the Internet of Information in the past, you should seize the opportunity of blockchain in the next 20 years, that is, the Internet of Value.

From 20:30 to 21:30 on May 12th, Huobi University will broadcast live lectures. For details, click the original link. [2020/5/11]

Market Analysis

People | Cai Kailong has resigned from the position of Chief Strategy Officer of Huobi: Mr. Cai Kailong has indeed resigned from the position of Chief Strategy Officer of Huobi due to personal reasons. The company's board of directors respects and understands Mr. Cai Kailong's personal wishes. He will officially leave the post in August. When Mr. Cai Kailong served as the chief strategy officer of Huobi, his annual salary reached 120 BTC. He helped the group expand its international business from zero to one, and laid a solid foundation for the internationalization of the group. Mr. Cai Kailong will also continue to serve as a company consultant, providing business strategy consulting for Huobi. [2018/7/24]

BTC continues to fluctuate sideways during the day, or rise relay

According to data from the Huobi trading platform, BTC has continued to fluctuate and sideways yesterday, and is currently trading sideways at the 19300 level. Looking at the one-hour level, BTC increased slightly in the afternoon, reaching a maximum of 19464.06USDT, and then encountered resistance from the short side at the 19400 line, and continued to shrink and consolidate with a slight pullback. Looking at the daily level, BTC rose slightly today, basically reversing yesterday's decline and approaching the previous high. At night, continue to pay attention to the changes in trading volume, the breakthrough of 19700 above and the support of 18800 below.

According to data from the Huobi trading platform, the ETH market and BTC have a relatively high consistency, and the volume continued to shrink sideways at the 595 line during the day, and there was a slight upward trend at night. Looking at the one-hour level, ETH's recent trading volume has continued to shrink, and the momentum of both long and short sides is insufficient, and it may continue to consolidate for a period of time. Looking at the daily level, ETH rose slightly today, basically reversing yesterday's decline. At night, continue to pay attention to the changes in trading volume, the breakthrough of 615 above and the support of 580 below.

In terms of contracts, the big data of Huobi Futures showed that the BTC contract positions decreased slightly, the contract trading volume decreased slightly, and the contract market was not active. The basis of the delivery contract increased slightly, and the funding rate of the perpetual contract was relatively stable.

The ETH contract position is relatively stable, the contract trading volume has declined slightly, and the contract market is not active. The basis of the delivery contract increased slightly, and the funding rate of the perpetual contract was relatively stable.

The price of USDT in the OTC market of Huobi Global is 6.45 yuan.

According to the data monitoring of Huobi Research Institute, the total lock-up volume (TVL) of DeFi rose slightly today, reaching 17.48 billion US dollars, and the real lock-up volume rose slightly to 11.84 billion US dollars. Among them, SushiSwap has a larger increase, reaching 19.06%. The total transaction volume of DeFi decreased slightly today, reaching 479 million US dollars. Among them, 1inch V2 has a larger drop, reaching 50%.

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