Steem to start trading on Huobi
I got a link sent in chat via DM for Huobipro. When I clicked it, there was this:
Pretty cool.
Huobi is a Chinese exchange and one that I do not actually use (yet) so if anyone has any experience with it (for or against), please comment below. But, clicking on the banner goes to the announcement detail where I thought this was interesting:
Steem (STEEM) will be launched on Huobi Pro on April 25, 2018 (GMT+8). Deposits will be available from 13:00, April 25 (GMT+8). STEEM/BTC, STEEM/ETH and STEEM/USDT trading will be available at Main Zone from 13:00, April 26, 2018 (GMT+8). Withdrawals will be available from 13:00, April 28 2018 (GMT+8).
If you notice, Steem will be trading paired STEEM/USDT also. This will hopefully put more eyes on Steem and will also hopefully push more exchanges to take notice and add Steem to their line up.
Current exchanges are:
Upbit added Steem ~5 months ago and now account for 60% of the traffic volume with most trading across the KRW/STEEM pairing. Binance added Steem a couple months ago and now account for ~28% of the traffic. That means that those two exchanges account for nearly 90% of the trading volume with Bittrex addding another 10% and the remaining fraction spread to Poloniex and the other exchanges with very low volumes.
What does this mean for Steem? Well, hopefully as said, more interest and more buying pressure. This could also drive traffic toward Steemit as buyers start to research what is behind the coin. At least it seems that Steem got a bit of a boost on the announcement, raising 20% in the last few hours to be trading at ~$3.85.
I am not really a market person or some kind of trading expert but, I have always been surprised at just how few exchanges STEEM has been trading on considering its case usage and transaction speeds. Let's see if this makes a long-term difference.
Taraz
[ a Steemit original ]
Getting listed on the major exchanges will definitely have the positive impact in the future growth of Steemit.. Indeed a great achievement!
Great news! Thanks for sharing!
While it is good for the value of Steem it is even more important for the blockchain than we think!
Lots of new people will discover steem and the blockchain, which will hopefully attract lots of new steemians. Hopefully with some new niches. This will make that more people will stick around and become more and more active! This is one of the best new we had about Steem while I have been here!
Yeah, it is the hope :)
The more exchanges the better. When investors see it on a lot of exchanges they have more confidence.
And like everything that goes up suddenly, it also drops suddenly. From ~$3.85 per steem 3 hrs ago, now at the time of writing this 1 Steem = $3.25 USD (-3.26%)
On other hand, I dunno if this new also had something to do with the sudden rise & current fluctuation. But if anything, don't forget to tattoo in your forehead the corollary made in that news post when dealing with new unknown exchanges and stuff. };)
Yep, the news is short lived but, tomorrow trading starts so we will see what kind of volumes they will start with. I don't know how some people manage to handle so many exchanges.. I have a day job though :D
This is good news for steem, i can anticipate the influx of Chinese investors, this is good for steem
:) would be nice
I'm glad to see Steem goingup, it should be higher in my opinion. Such an awesome application on it, where else can users earn crypto for blogging? Steemit and all the apps like DTube are real things people want and need as replacements for censored mainstream social sites
Let’s hope higher trading volumes put pressure on other exchanges wanting to get in on the action. I had no idea Bittrex market share drop that low. Will be interesting to see how volume share looks in a month down the road.
I noticed it the other day. I use binance too but not so much for Steem as i don't trade steem too much anyway. But most I know use Bittrex... it is like a whole hidden world in korea :)
I haven't used Huobi before also but i think a positive reaction is expected on steem price even if its just for a time being. Seems like good news to me
It seems that Steam will go up a big rise in the next time it's really too big