Crypto Markets Today: Huobi’s HT Token Climbs After Exchange Discloses Airdrop

Huobi Global’s HT token jumped after the cryptocurrency exchange said it would airdrop a new digital token to be issued by the Caribbean island nation of Dominica.

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• Huobi said the new “Dominica coin,” or DMC, will be issued “in due time” on Huobi Prime, the exchange’s exclusive token offering platform. Users can complete their identity verification on Huobi with Dominica digital identification documents, according to a statement.
• The HT token was up 15% over the last 24 hours to $7.12 at the time of publication. It’s up 40% over the past seven days.
• The deal is noteworthy partly because of its connections to crypto billionaire Justin Sun. The Dominica tokens are set to be launched on Sun’s Tron blockchain, and Sun recently acknowledged holding “tens of millions” of HT.
• Last month, Huobi named Sun as the first member of a new global advisory board that is responsible for guiding the exchange’s strategic layout and development.

Other News

Coinbase Wallet will end support of the native tokens associated with Bitcoin Cash (BCH), Ethereum Classic (ETC), Ripple's XRP Ledger (XRP) and Stellar (XLM), effective Dec. 5, citing "low usage" as a reason for the delisting, according to an update on the crypto exchange's website.

Solana-focused crypto wallet Phantom said Tuesday it will add support for assets on the Ethereum and Polygon blockchains, with the rollout beginning in about three months, according to a representative. Phantom’s likely bet is that its slick user interface will power it forward on the system, just as it did for Solana, where it says it has three million active users.

Crypto prices rise: Bitcoin (BTC) was recently trading up 1.5% to $16,400, while ether (ETH) gained 4.3% to $1,220. Despite major assets rebounding from Monday’s fall, traders are trying to find out “which parts of the cryptoverse are about to break,” Edward Moya, senior market analyst for foreign exchange market maker Oanda, wrote in a Tuesday note. Moya noted that it is not a “friendly environment to buy the crypto dip” because the risks to downside are elevated, “given pricing disparities for other crypto derivatives, fears of a potential run on some exchanges and concerns [that] risk appetite is in for a rough period as the economy appears headed for a recession."

Equity markets were mixed as investors eyed the protests against COVID-19 lockdowns in China and awaited remarks by U.S. Federal Reserve Chair Jerome Powell, who is scheduled to speak at the Hutchins Center on Fiscal and Monetary Policy on Wednesday about the economy and labor markets. The S&P 500 index and Nasdaq Composite closed down 0.1% and 0.5%, respectively, while the Dow Jones Industrial Average was flat. West Texas Intermediate crude oil futures for the U.S. benchmark rose 1.5%.

Altcoin Roundup

• Decentralized lending protocol Compound Finance passed a proposal to impose loan limits and introduce new borrowing caps to lower risk on its platform. The community voted overwhelmingly in favor of introducing or lowering the maximum borrowing amount for 10 cryptocurrencies, including WBTC, LINK and UNI.

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