Huobi flash crashes and recovers 90% with high sales and downturn

Huobi, one of the world’s leading cryptocurrency exchanges, experienced a flash crash that resulted in a 90% drop in its trading volume. However, the platform quickly recovered due to high sales and a downturn in market sentiment. Despite the volatility, Huobi’s resilience demonstrates the strength of the cryptocurrency market and its ability to bounce back from unexpected events. As investors continue to navigate this rapidly evolving landscape, exchanges like Huobi will play a critical role in facilitating secure and efficient trading.

During a flash crash, Huobi experienced a significant token collapse, resulting in a 90% loss in market cap, which was regained within minutes. HT was trading at $4.70 at 3:45 and was then worth $1.83 after 25 minutes. Later, it returned to $3.90, a 30% decrease from the previous day. This unexpected event piqued the curiosity of the crypto community, who sought out Huobi exchange reviews. Among other things, reviewers discussed HT, the Huobi Global exchange’s native cryptocurrency, primarily used for VIP-status plans, earning crypto rewards, voting on decisions, and reducing trading commissions.

According to reports, HT suffered a $200 million market cap loss, but it made a 1000% recovery a few minutes later. The sudden decline sparked a range of theories, including a $2 million transaction announced just before the crash, while others suspected it was caused by broader market sentiment. The news was significant because of Huobi’s position in the market, with a market cap of $630 million, and its close association with Justin Sun.

Despite the incident, Huobi is striving to obtain the VASP (Virtual Asset Service Provider) license in Hong Kong, which will help maintain HT’s credibility.

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