Connect with us
Active Currencies 14413
Market Cap $2,679,094,176,571.80
Bitcoin Share 49.82%
24h Market Cap Change $-1.53

Can Huobi Token [HT] overcome FUD as exchange outflow exceeds $75M

2min Read
Can Huobi Token [HT] overcome FUD as exchange outflow exceeds $75M

Share this article

  • Huobi Token could lose another round of its already depleted value after the exchange experienced unusual outflows.
  • Exchange director Justin Sun tweeted that the firm was unconcerned with the FUD. 

The exchange token of the Huobi Global exchange, Houbi Token [HT] drastically lost about 9% of its value after the exchange witnessed massive outflows. According to the DeFiLlama, over $75 million left the shores of the Houbi platform in the last 24 hours.

The DeFi aggregator reported that the exchange experienced improved volume on 15 December. But since that period, cumulatively, $204.65 million streamed out.


Read Huobi Token’s [HT] Price Prediction 2023-2024


What is going on with Houbi Token behind closed doors?

The token plummet resulted from rumors flying around about internal challenges within the exchange. A few days back, there was speculation about executives at the firm forcefully asking employees to accept payments in crypto. 

Also, Director at the exchange and TRON [TRX] founder, Justin Sun, said that the company was making structural adjustments. Reuters, in turn, translated the adjustments to mean a 20% layoff. The news provider, however, noted that Sun had declined to confirm or rebuke the notion.  

At press time, CoinMarketCap revealed that HT was down 26.27% in the last 30 days. But the token briefly revived, maintaining a 0.68% decrease in the last hour. The odds from the daily chart, however, showed that there could be more decline in the forthcoming days. 

This was proven by the indications from the Directional Movement Index (DMI). As of this writing, the positive DMI (green) was 8.87. In contrast, the negative DMI (red) was far above, at 36.16. 

With this posture, it might not take a long period before HT records a price fall. Moreover, the Average Directional Index (ADX), in yellow, held up the -DMI position with its value at 42.71. Moreover, the Relative Strength Index (RSI) indicated an oversold level at 32.21. Therefore, a notable recovery might be unlikely.

Huobi Token price action

Source: TradingView


Are your holdings flashing green? Check the HT Profit Calculator


The Sun in CZ’s shoes

Sun, who only joined the Huobi team last year, called the ongoing rumors nothing other than FUD. Indirectly responding, Sun taunted Binance CEO CZ, whose exchange recently experienced something similar. He said,

“It’s important to recognize that the world of crypto can be volatile and uncertain at times. There will always be ups and downs, and it’s easy to get caught up in the fear, uncertainty, and doubt (FUD) that can come with it.”

In follow-up tweets, TRON’s founder said that the exchange was doing its best to overlook these sorts of “distractions”. Instead, its focus was to keep attending to the demands of its users.

TRON’s stablecoin, USDD, also seemed to be affected by the drawdown as it lost its peg to the dollar. This was not the first time that the stablecoin was a victim of irregularities. At press time, USDD’s value was $0.98.

Share

Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.