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Huobi’s HT Token Suddenly Falls 93%, Then Rebounds Just as Quickly
The token, affiliated with Tron founder Justin Sun, dropped from $4.81 to $0.31 on the Huobi exchange.
By Helene Braun
Updated Mar 10, 2023, 3:19 p.m. Published Mar 10, 2023, 2:01 a.m.
Huobi’s HT token, the native token of the cryptocurrency exchange, momentarily dropped 93% on Thursday for reasons that are unclear.
And then it quickly rebounded.
STORY CONTINUES BELOW
The token dropped from a 24-hour high of $4.81 to a low of $0.31 at around 21:00 UTC on Huobi’s exchange, according to TradingView’s pricing source. Other exchanges saw a similar drop in price.
Just before the crash, $2 million worth of sales were reported in the five minutes leading up to it, a researcher at Kaiko tweeted. Normally, buys on the HT-USDT pair amount to about $600,000.
At press time, the token had rebounded and was trading at $3.70 on Huobi. It is down about 24% over the past 24 hours.
The wild price action was notable because HT is one of the larger cryptocurrencies, with a market capitalization of about $630 million (after the rebound). Crypto traders follow the token partly because Justin Sun, founder of the Tron blockchain, has disclosed that he’s a big holder – in addition to being a leader of the exchange’s strategy.
Sun, in a tweet, said the Huobi exchange's operations are safe, as are its wallets and backend. In a second tweet, he apologized for the "leveraged liquidation on the market caused by a few users," and said Huobi will create a $100 million fund to improve multi-currency liquidity.
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
We deeply apologize for the impact of the leveraged liquidation on the market caused by a few users, and in order to further improve the multi-currency liquidity of the @HuobiGlobal platform, we will set up a liquidity fund with an investment of 100 million US dollars.
— H.E. Justin Sun 孙宇晨 (@justinsuntron) March 10, 2023
UPDATE (March 10, 2023 00:53 UTC): Updates with Justin Sun comment in final two paragraphs.
UPDATE (March 10, 2023 02:01 UTC): Adds additional comment from Justin Sun.
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