Hashkey Exchange Adds Support for Avalanche (AVAX) Token
Hong Kong-based cryptocurrency exchange, Hashkey, has announced that it will now support trading of the Avalanche (AVAX) token on its platform. However, there is an interesting requirement that traders must meet before they can interact with this cryptocurrency on the exchange.
Traders Must Meet a $1 Million Portfolio Requirement: SFC
The Securities & Futures Commission (SFC) of Hong Kong has stated that only professional investors or individuals with an investment portfolio worth at least 8 million Hong Kong dollars (equivalent to $1 million) will be able to trade the AVAX token on Hashkey. The AVAX listing was announced on September 27, with trading expected to begin on September 28.
Bitcoin, Ether, and Tether are Approved for Retail Trading
As of now, the SFC has only approved Bitcoin (BTC), Ether (ETH), and Tether (USDT) for retail trading. Other cryptocurrencies like AVAX are restricted to professional investors or individuals with a $1 million portfolio. This comes as part of the SFC’s efforts to regulate and control the crypto market in Hong Kong.
Hashkey Faces Significant Restrictions
The SFC has imposed several restrictions on cryptocurrency exchanges operating in Hong Kong, including Hashkey. For example, users are required to deposit at least 10,000 Hong Kong dollars ($1,500) during the Know Your Customer (KYC) verification process. Despite being the first exchange to receive a retail crypto license in Hong Kong, Hashkey has a daily trading volume of around $4.93 million, significantly lower than global counterparts like Binance.
AVAX Price Declines in September
While the listing of AVAX on Hashkey presents an opportunity for increased adoption, it’s important to note that the cryptocurrency’s price has been struggling in recent months. In September alone, AVAX lost nearly 14% of its value. This decline reflects the overall performance of Avalanche in 2023, as the token has experienced a significant plunge since reaching a high of $21 in April.
Avalanche Token Details
Currently, the Avalanche token is trading at $8.91 with a 0.31% dip in the last 24 hours. It has a daily trading volume of $117,251,082, indicating an 18.4% rise in the past day. With a market cap of over $3.1 billion, Avalanche ranks as the 24th-largest cryptocurrency.
Hot Take: AVAX Faces Challenges Amidst Market Uncertainty
The addition of AVAX to Hashkey’s platform offers potential for increased adoption and trading opportunities. However, the token’s declining price and uncertain market conditions pose challenges for investors. It remains to be seen how AVAX will perform in the coming months and whether it can regain its previous highs.
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