HT spike: Huobi Token jumps more than 16% in a day as whales continue to increase holdings
The price of Huobi Global’s native crypto, the huobi token (HT), rose by more than 16% at the time of writing on 21 November as it emerged as one of the biggest gainers of the day.
HT was changing hands at around $4.24 earlier on 21 November before rallying up to $4.94 the same day.
While several of the biggest cryptocurrencies are trading in the red following the ongoing chaos and fallout from the collapse of the FTX crypto exchange, HT has witnessed a rally and was trading at around $4.85 with a 24-hour trading volume of $16m at the time of writing.
HT to USD
Acquisition sparked four-month high
Last month, HT rallied to around $7.60 level, recording a four-month high after surging by more than 60%. The rally came just days after the news that Huobi Global had been acquired by About Capital Management.
Huobi confirmed the buyout in a statement, stating that while About Capital will control the majority stake in the firm, the deal only involves the change of controlling shareholder and will not have an impact on Huobi’s core operation and business management teams.
Just days later, it was announced that Justin Sun, founder of blockchain DAO system Tron, would be joining as an adviser to the firm.
During an interview with Bloomberg following the announcement, Sun claimed that he sees himself as one of the biggest HT token holders, owning “tens of millions” of Huobi’s native tokens.
He also expressed his plan to help the exchange boost its prominence within the cryptocurrency sector.
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Proof of reserves
Following the downfall of FTX and the overall fear and panic that has taken over the cryptocurrency sector, Huobi Global published an asset transparency report on 13 November to reassure its users that its funds remain safe.
Huobi revealed $3.5bn in crypto holdings, with a reserve of approximately 32,000 bitcoin (BTC) and 274,000 ether (ETH).
The company also called for crypto exchanges to take part in similar actions in order to improve transparency and trust within the crypto ecosystem.
Huobi said in a statement that it will continue to disclose its wallet holdings as a way to show “determination in and commitment to promoting transparency”.
#Huobi's Work Report on Asset Transparency (I)
— Huobi (@HuobiGlobal) November 13, 2022
????#Huobi is acting now to disclose the balance details of our hot and cold wallets and make this disclosure a routine going forward.
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