The overall cryptocurrency market capitalization tanked below $1 trillion in the last few trading sessions. Meanwhile, the Huobi Token (HT) has been the top loser in the last 24 hours, which recently noted a nearly 90% fall in a matter of a few minutes.
As per the currency situation, investors feel uncertainty in the crypto market. As the price of bitcoin dropped dramatically, HT, the native token of the Huobi exchange, crashed a few hours ago, but it also recovered quickly.
However, HT Token is performing poorly due to weak market sentiments. But something strange happened that caused the price of Huobi Token to drop from $4.712 to $0.31 in a matter of minutes. Meanwhile, Justin Sun, the company’s advisor, covered the result as “market behavior.”
After losing around 90% in the intraday trading session, the Huobi token recovered to over $3.0 on the same day. Nevertheless, the HT token has declined approximately 21% over the past 24 hours, with the currency trading at $3.8 at press time against the USDT pair.
Justin Sun, Tron founder and the Huobi exchange’s advisor, covered this flash crash and assured that all funds are safe and all is well.
On Twitter, he said that these leveraged liquidations and sudden market volatility were caused by ‘few users,’ triggering a cascade of forced liquidations in the spot and Huobi Token contract markets.
As Justin Sun assures, the exchange is ‘safe,’ customers’ wallets and funds are safe, and the backend is also safe. He added, “Currently, all work is proceeding steadily, and there are no unexpected incidents, and these fluctuations are simply a result of market behavior.”
The crypto market fell almost 7% on Friday and nearly $70 billion was pulled out of the market. The current market cap stands at $928 billion as of press time. Amid the market’s uncertainty, the bitcoin price also dropped below $20K.
Also Read: Aggressive Selling in Bitcoin Price, Trading at $20K, Downfall?
