Huobi’s HT Token Plummets 93% Before Epic Rebound!

According to TradingView’s pricing source, the token’s value fell from a high of $4.81 to a low of $0.31 on Huobi’s exchange, with other exchanges experiencing a similar drop in price. Just moments before the crash, a researcher at Kaiko tweeted that $2 million worth of sales had been reported in the five minutes leading up to it, a stark increase from the usual amount of $600,000 for buys on the HT-USDT pair.

In the 5 minutes leading up to the $HT crash there was $2mn worth of sales compared to just $600k of buys on the main HT-USDT pair on Huobi pic.twitter.com/Z6sbgugSit

— Riyad Carey (@riyad_carey) March 9, 2023

At present, the token has rebounded and is trading at $3.70 on Huobi, down approximately 24% over the past 24 hours. This price action is particularly noteworthy since HT is a relatively large cryptocurrency, with a market capitalization of around $630 million following the rebound. Traders in the crypto space follow the token, in part, because Justin Sun, founder of the Tron blockchain, has disclosed that he holds a substantial amount of HT, in addition to being a key figure in Huobi’s strategy.

In a tweet, Justin Sun reassured users that Huobi’s operations, as well as its wallets and backend, remain secure despite the sudden price drop. It is unclear whether the incident was a result of a glitch or an intentional action taken by traders. This event highlights the inherent volatility of the cryptocurrency market and the potential risks involved in trading digital assets.

The operation of @HuobiGlobal exchange is #SAFE, the wallets are SAFE, and the backend is SAFE. The recent market fluctuations and the leveraged liquidations were caused by few users triggering a cascade of forced liquidations in the spot and HT contract markets.

— H.E. Justin Sun 孙宇晨 (@justinsuntron) March 10, 2023

Huobi’s HT token’s dramatic price fluctuations remain uncertain, it is a stark reminder of the volatility inherent in the crypto space. The situation also serves as a reminder to traders to approach these assets with caution and to remain aware of the potential risks involved.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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