Huobi Token dips briefly by 93%
The price of Huobi Token (HT) has plunged 93% in a very short period, hitting a new all-time low.
The price of Huobi Token (HT) plunged 93% in a very short period, reaching a new low.
The cryptocurrency Huobi Token (HT) from the namesake exchange Huobi Global fell like a rock on Thursday, March 9. At the low, HT traded at a new all-time low of 1.23 US dollar.
Although the HT price recovered noticeably within minutes, it is still trading at $3.76, about 20% below the pre-crash level.
The exchange's CEO, Justin Sun, tweeted that the recent market swings were caused by leveraged liquidations of a few users. This kicked off a cascade of forced liquidations across spot and leveraged futures positions, Sun said. The exchange itself was not hit.
The HT price is now near its previous low from November 13, 2022. If this support is broken, a slide to $3.44 could follow. If Bitcoin weakens further, a correction toward $2.60 is also possible.
Only when the HT price stabilizes back above $3.92 and breaks back above $4.12 will investors turn to yesterday's breakout level at $4.80.
