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OKB up 32% Following This Major Announcement: Details

Fri, 02/17/2023 - 15:55
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Godfrey Benjamin
OKB growth linked to positioning of OKX exchange toward stablecoins
OKB up 32% Following This Major Announcement: Details
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OKB, the native digital currency of the OKX cryptocurrency exchange, has joined the list of assets that is ending this week as the best-performing coin. At the time of writing, the cryptocurrency is changing hands at $54.05, up 11.05% over the past 24 hours, per data from CoinMarketCap.

With the reported crackdown on the Paxos Trust platform, the issuer of the Binance USD (BUSD), stablecoin earlier this week, sufficient FUD was sent to an industry that forced most cryptocurrencies to claw back some of their gains. For OKB, the reverse is the case, as it is up by 39% over the trailing seven-day period.

OKB token's growth stemmed from the announcement of the purported launch of the USDC Futures Contract. This announcement is one of the many initiatives from the trading platform to broaden its offerings and its attractiveness to retail traders across the board.

The USDC Futures Contract is even a very unique offering considering the broad-based regulatory concerns surrounding stablecoin issuance in the United States. With the U.S. Securities and Exchange Commission (SEC) tagging stablecoins as unregistered securities, many exchanges are steering clear of any asset already marked by the regulator.

OKB Price Analysis for February 17

OKX taking advantage of trend

OKX Exchange is notably riding the trend, counting on the premise that it is not registered as a Money Service Business in the United States. While the SEC has not yet flagged USDC, the broader uncertainty in the industry is likely motivation for investors to seek alternative offerings offshore.

OKX can be said to be positioning itself for this eventual embrace with a series of new product listings announced this week. Riding on the positive ecosystem surrounding the OKB token, a recent projection from U.Today has pitched the coin to top $60 if the current buying momentum is sustained.

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About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.