Huobi Token Plunges 90% In Minutes and the Internet is Distraught
Huobi token (HT), the native token of Huobi Global’s digital exchange was worth almost $4 billion market cap yesterday afternoon and for a brief moment, it seemed as if the future was bright for its holders. That was, however, until a few hours ago when the native token of Huobi Global plunged a whopping 90% in minutes and sparked rumors of insolvency.
This happened with little warning, leaving traders and token holders absolutely dismayed. The price of HT hovered around $7.50 yesterday, while at the time of writing it would cost up to $0.75! What on earth happened?
As of yet, no one can explain why this sudden market crash has taken place, however, many speculations have appeared since. We’ve gathered the most amusing theories of what could have caused this disaster:
1. The Binance effect.
It might look like a far-fetched idea, but some people think that the native tokens of other digital exchanges are linked to the success of Binance Coin (BNB). Apparently, the recent success of Binance Coin is directly linked to the apparent success of Huobi token… until now.
2. Asian traders cranky about the Chinese New Year.
This one might seem like a joke, but many people think it might be true. It is believed that Asian traders, as well as people from other countries, are so cranky about not being able to go back home to celebrate the Chinese New Year with their families, that they decided to take revenge by crashing the market. Not sure if it makes any sense, but who can understand the unpredictable minds of crypto traders?
3. There are bots, and then there are bots!
It’s becoming more and more popular to use bots that trade in crypto. As the numbers increase, so do the effects of the bots’ actions. Could it be that some irresponsible bot trader took advantage of the situation and manipulated the price of HT?
4. Eveyone was too busy “feeling the fear.”
This is a quote from the financial guru Warren Buffett. He has repeatedly warned people to “feel the fear and do it anyway”. However, this time, it appears as if the entire crypto community was too busy feeling the fear and forgot to trade!
It looks like the Huobi token plunge has taken the entire digital currency market by surprise, and no one can explain why it happened! Only time will tell, but what we can be sure of is that the crypto markets can often be an unpredictable roller-coaster of emotions and there’s nothing we can do about it, except buckle up and hope for the best!
