- This night, the HT token has fallen in price by 10 times
- Justin Sun reassured clients and explained the situation
The fall of bitcoin this night took many market participants by surprise. But traders were even more surprised by another strange thing. The $HT token, owned by the Huobi crypto exchange, suddenly collapsed. The exchange rate dropped from about $5 to $0.5. And this is a drop of as much as 90%.
Buyers instantly used such a dump and rushed to buy tokens.
True, then the price began to level off. The current rate of the HT coin is about $3.8 (20% loss per day). It looks like the token is slowly stabilizing.
Subscribers in social networks are racking their brains, trying to understand the reason for such incidents. There have been many different theories, starting with Huobi being insolvent or that traders learned some insider information.
Later, Justin Sun, the founder of the Tron blockchain and a major holder of HT tokens, commented on the situation. He stated that the Huobi exchange, as well as customers’ wallets, are completely safe.
According to Sun, the incident was caused by market fluctuations, as well as mass liquidations using leverage.
To prevent this from happening again, Huobi will set up a $100 million fund to improve multi-currency liquidity.
Read about the general situation on the crypto market in this article.