Monday, May 20, 2024
HomeCryptocurrenciesAltcoinsHuobi's HT Token Plummets by 93%, Rebounds Swiftly

Huobi’s HT Token Plummets by 93%, Rebounds Swiftly

On Thursday, the native token of Huobi [HT], one of the largest cryptocurrency exchanges, experienced a sudden drop of 93%, causing widespread panic and confusion among traders. The HT token, affiliated with Tron founder Justin Sun, plummeted from a high of $4.81 to a low of $0.31 on the Huobi exchange, according to TradingView’s pricing source.

HT/USDT Chart by TradingView

The reason behind the sudden crash is still unclear, but a researcher at Kaiko tweeted that $2 million worth of sales were reported in the five minutes leading up to the crash. This amount is significantly higher than the usual buys on the HT-USDT pair, which average around $600,000.

However, the token quickly rebounded from its low point and was trading at $3.70 on Huobi at the time of writing, down by about 24% over the past 24 hours. The rapid price action was significant, given that HT has a market capitalization of approximately $630 million, making it one of the larger cryptocurrencies. Traders have been following the token closely, as Justin Sun has revealed that he is a significant holder of the token, in addition to being a leader of the exchange’s strategy.

Sun took to Twitter to reassure traders that Huobi’s exchange operations, wallets, and backend are safe, and apologized for the “leveraged liquidation on the market caused by a few users.” He also announced that Huobi would create a $100 million fund to improve multi-currency liquidity.

In conclusion, the sudden drop in HT token’s value on the Huobi exchange has left traders reeling, but the token’s quick rebound has helped ease concerns. It remains to be seen what caused the sudden dip in value, but Justin Sun’s commitment to improving multi-currency liquidity and ensuring the safety of Huobi’s exchange operations is a positive development for the industry.

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SatoshiSavior
SatoshiSaviorhttp://coinfinance.biz
Satoshi Savior (invented name in honor of the great satoshi nakamoto) is the CEO and developer of CoinFinance.biz is a passionate computer programmer who has been dedicated to the world of crypto finance for several years. His identity remains anonymous, but he is known within the crypto innovation community as a highly skilled and competent expert. His motto is "TOEil, GAIN, AND DO It LOUd." - A phrase that emphasizes the hard work and determination required to succeed in the world of cryptofinance
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