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BTC $41776.13 (-4.8%)
ETH $2859.47 (-7.9%)
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BCH $504.57 (-6.6%)
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BNB $346.15 (-7.5%)
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DOGE $0.20 (-6.5%)

Huobi Causes Panic to Users, HT Token Price Goes Down

Huobi Causes Panic to Users, HT Token Price Goes Down

The Huobi exchange transacts $400 million worth of USDT in the last 24 hours. This caused panic in the Huobi community.

In a tweet posted by Whale Alert, the Huobi exchange received huge multiple amounts of USDT deposit from an unknown wallet. The total number of USDT deposited in the platform amounted to an estimated price of $400 million.

On the other hand, Huobi exchange transferred an estimated amount of 100 million USDT to Bitfinex. This sudden transaction follows the rumors that local authorities investigated the senior executive of the exchange.

The Huobi exchange then launched a public announcement to address things properly. It also denied the rumors about the arrest of its executive staff. Particularly, they said:

We understand that the spread of false information can lead to concerns about the safety of user assets, but please rest assured your assets are safe.

Source: Tradingview
Source: Tradingview

Furthermore, Huobi (HT) tokens plummeted its price to over -10% in the last 24 hours. In the graph above, the crypto suffered a massive price decline with all the rumors that happened today. Huobi trades at a low price of $3.6 with a resistance level of $3.7. Huobi must recover fast, or else the bears might scare away potential investors of the exchange.

Regardless, Huobi is one of the crypto exchanges that already built its reputation. In a report, Huobi users can now purchase crypto using Mastercard and Visa. It also made a successful mobile trading app launch in Russia.

A dedicated market analyst focused on the highs and lows of the cryptocurrency market. With a background in Business Administration, he tries to unfold his financial perspective to global readers.