First Hours Of STEEM Trading On Huobi Pro And Why This Is More Important Than Any Other Exchange
You've probably read on my posts quite a few times about the STEEM listing on Huobi Pro and about the potential implications of this for the STEEM price. Yes, I posted a bit more often about that than usual and there is a reason for this - one that was often overlooked when people read about the news. This listing is not your regular, "yet-another-exchange-adding-the-STEEM-wallet" thing.
For this first time (at least to my knowledge), STEEM is traded against USDT, and not only BTC or ETH.
This is going to have major implications on STEEM price. For the first time, you can exchange it directly to a currency which is not as volatile as Bitcoin or Ethereum, but pegged to USD. It's not USD directly, and Tether has its fair share of proponents opponents, but it's a big step forward.
Of course, we all want to be able to just transfer our STEEM directly to our debit cards, if possible, or just use it as it is, on all kind of places where it's (or it will be) accepted. Well, patience, my friends, that time will come, but we need just a little more patience. For now, let's enjoy the fact that it's traded against USDT.
First Hours Of STEEM On Huobi Pro
Below are a few numbers that I consider relevant to this news, pertaining to the last 10 hours, since STEEM is available to trade on Huobi Pro.
| Pair | Volume In STEEM | Volume In Fiat |
|---|---|---|
| STEEM/USDT | 1,541,695 | 6,615,660 USD |
| STEEM/BTC | 901,568 | 3,867,726 USD |
| STEEM/ETH | 103,724 | 444,975 USD |
A few conclusions:
- total volume in USDT is higher than BTC + ETH together, showing a huge appetite for this pair
- after 10 hours, the price is not significantly lower than when it started, ruling out a potential "pump and dump" approach
- the highest value was $5.2, which is a nice point to look at, for the near future
- transferring STEEM to Huobi Pro is very straightforward, they use the account @huobi-pro and the memo is named "tag" and consists only of 6 digits
If you didn't join Huobi Pro already, you can do it by clicking here (full disclosure, this is an affiliate link).
I'm a serial entrepreneur, blogger and ultrarunner. You can find me mainly on my blog at Dragos Roua where I write about productivity, business, relationships and running. Here on Steemit you may stay updated by following me @dragosroua.
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I didn’t realize they had a usdt pairing, it’s very good news. It’s buy time for sure lol
Not to be pedantic, but: and Tether has its fair share of proponents did you mean "detractors"? proponents = positive opinions
This is excellent news in terms of what it represents for Steem. I have heard very alarming things about Tether tho.
I think it was meant as "opponents" and you're right :)
Thank you for making this update, I was really curious how is it going, I was wondering if the Steem trade started at Huobi, and since I hadn't an account there and I am not that familiar with their platform, I didn't knew.
I was also afraid of a big correction, but it seems that this was it, this is the new price of Steem and it positioned really well on 25'th place on coinmarketcap.
Absolutely amazing!
You can say that again. And again. And again :)
Absolutely amazing! :)) It really is!
Steem is heading north for sure. :)
For me, the big correction for the Steem platform is always towards the top 10 and not the downwards from where it is now. Being undervalued for quite a while. I think it's now time for Steem to correct upwards! :-)
The KR community on steemit is significant and glad we have them.
Edit: Chinese exchange in beijing sorry. Interesting!
A question please:
Only Steem is listed or Steem Dollar also?
AFAIK, it's only STEEM.
Too bad. The way I use the platform SBD is more important :(
It would really be awesome if in near future we could directly convert steem to cash and vice versa.
We will see very high volume in the next few days stay turn
THIs is the good news we’ve been waiting for. We are beginning to see the growth of Steem. Amazing
I'm going to make an account. I hope I can use it even if I'm on a different country and I mainly use Mexican Pesos. Thank you for the info, I think these are great news!
This is some good testimony for Steem. Been able to exchange Steem to fiat is actually a very cool feature and I'm sure it will put Steem up a bit in the days to come.
Its not Steem to fiat its Steem to USDT which is another cryptocurrency which is tethered to the US dollar interns of its value.
This explain better.
Glad I could be of help, I had a look at your blog and wish you luck with your efforts to solve some of Africa's problems with the help of blockchain tech.