Things aren’t looking too good for the HT and OKB tokens, as the Chinese government continues to impose a strict crackdown on crypto.
As China’s latest crackdown causes chaos in the Chinese crypto market, Utility tokens from the Huobi and OKEx crypto exchanges are experiencing significant losses all across the nation. The latest crackdown notice comes from the People’s Bank of China, increasing the severity of the crackdown, driving investors into a panic state of mind.
In a very short amount of time, an excess of nearly $1.35 Billion in value of the crypto market cap has vanished from the space. A large number of sell-offs have gathered up around $450Million worth of liquidations, which include both long and short positions all around. Due to this, nearly every single one of the cryptocurrencies in the market has taken major hits as the market crashed. Stablecoins such as USTD and USDC also suffered from this major crackdown, losing about 0.20% from their $1 price rate.
Huobi and OKEx
Talking about the Huobi and OKEx tokens, they have experienced the most amount of damage from the crackdown, despite having a strong amount of influence in their area of origin. Both Huobi and OKEx experienced massive hits of nearly 22% in minutes, now staying up on minimal support levels. The Huobi Token in special is currently sitting at a major critical point. Because of the major sell-offs happening, the Huobi token has dropped to a price of $11.30, with a final critical price point of $9.60 being estimated. The OKB token got similar treatment, now surviving to stay above $12.80 in value. A rebound of $15.42 for the OKB is definitely possible if the token manages to maintain its price above that $12.80 mark. If not, then it will urge traders to sell, dropping the price to $9.50 or below.
Despite the major setback, some of the top-rated cryptocurrency analysts in the market still think that the crypto market will be able to handle the hit in downward pressure, but it is important that the support levels must be watched very carefully. If HT and OKB fall below $9.60 and $12.80, further drops will surely follow up quickly, dropping the market even lower.