CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
US English

HT spike: Huobi Token jumps more than 16% in a day as whales continue to increase holdings

By Alara Jordan

Edited by Charlie Mellor

16:12, 21 November 2022

Representation of the huobi token (HT) in front of a trading chart
HT was changing hands at around $4.24 earlier today before rising to $4.94 – Photo: Shutterstock

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.

BTC/USD

57,816.20 Price
+0.410% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 106.00

BCH/USD

369.40 Price
+5.760% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 2.50

ETH/USD

3,130.46 Price
+0.360% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00

DOGE/USD

0.11 Price
+0.270% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.0012872

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.

What is your sentiment on BTC/USD?

57816.20
Bullish
or
Bearish
Vote to see Traders sentiment!

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”.

Markets in this article

BTC/USD
Bitcoin / USD
57816.20 USD
234.85 +0.410%
ETH/USD
Ethereum / USD
3130.46 USD
11.13 +0.360%

Related topics

Rate this article

Related reading

The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
Capital Com is an execution-only service provider. The material provided in this article is for information purposes only and should not be understood as investment advice. Any opinion that may be provided on this page does not constitute a recommendation by Capital Com or its agents and has not been prepared in accordance with the legal requirements designed to promote investment research independence. While the information in this communication, or on which this communication is based, has been obtained from sources that Capital.com believes to be reliable and accurate, it has not undergone independent verification. No representation or warranty, whether expressed or implied, is made as to the accuracy or completeness of any information obtained from third parties. If you rely on the information on this page, then you do so entirely at your own risk.

Still looking for a broker you can trust?

Join the 630,000+ traders worldwide that chose to trade with Capital.com

1. Create & verify your account 2. Make your first deposit 3. You’re all set. Start trading