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Huobi Token shoots 10% in 24 hours; Here’s why

Huobi Token shoots 10% in 24 hours; Here’s why

Although most of the cryptocurrency industry is still feeling pain from the crisis induced by the liquidity crunch and scandals surrounding the crypto trading platform FTX, some digital assets are recording gains, including Huobi Token (HT).

Indeed, the price of Huobi Token has soared over 10% in the previous 24 hours, placing it at the leadership position among the top 100 cryptocurrencies by daily gains, as per CoinMarketCap data retrieved by Finbold on November 21.

Top cryptocurrency gainers over 24 hours. Source: CoinMarketCap

Changing hands at the price of $4.82 at press time, the decentralized finance (DeFi) has recorded a remarkable recovery of 10.12% on the day, despite the weekly loss of 0.51% and the monthly loss of 42.07%, as the charts demonstrate.

Huobi Token 24-hour price chart. Source: Finbold

Delisting tokens spikes price climb?

It is also worth noting that the HT price recovery has followed an announcement by Huobi Global on delisting multiple tokens from its platform as part of its “continuous efforts to promote the healthy development of the blockchain ecosystem.”

As per the announcement, Huobi will end its support for trading Covalent (COVA), CVCOIN (CVNX), (CRO), DigixDAO (DGD), EchoLink (EKO), EdgeSwap (EGS), Themis (GET), Global Social Chain (GSC), NeuroChain Clausius (NCC), Origo.Network (OGO), Odyssey (OCN), Sirin Labs (SRN), Smartshare (SSP), VVS Finance (VVS), WonderHero (WND), and Zenith (ZNT), as of November 25.

On November 20, Huobi also delisted the DFI.Money/Tether (YFII/USDT) pair for isolated margin tradings as part of its Huobi Global Token Management Rules, the crypto exchange said.

A week before, Huobi performed a Merkle Tree Proof of Reserves audit, in which it publicly listed its holdings in order to reassure its users of the safety of their funds, after investors started losing their trust in crypto exchanges over the FTX saga.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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