the past day Following the lawsuit against KuCoin, unrelated Huobi’s coin HT from $4.81 to $0.31fell.
the past day New York Editor sued popular cryptocurrency exchange KuCoin. With the impact of this news, a strong decline was observed in the cryptocurrency market. However, another exchange that was most affected by this news was Huobi. off-topic in Huobi, local stock market coin Huobi TokenThe decrease in the price of . HT, with a momentary price action 4 From $0.81 to $0.31regressed and became the target of criticism.
KuCoin Sued, Huobi Down!
At the time of the news that KuCoin was sued, Huobithe local coin of the stock market Interesting moves in HT observed. HT, 93 percentsuffered a fall and soon after has returned to its former price level.
Huobi Token ( HT On the ) side, the sharpest and strongest decline was observed in the pairs on the Huobi exchange. On other exchanges HT, It fell as low as $1.
Huobi advisor and Tron founder Justin Sun attributed HT’s decline to the impact of leveraged liquidations in the market caused by several users. Sun apologized to all crypto users. Sun stated that they are working hard to improve liquidity.
We deeply apologize for the impact of the leveraged liquidation on the market caused by a few users, and in order to further improve the multi-currency liquidity of the @HuobiGlobal platform, we will set up a liquidity fund with an investment of 100 million US dollars.
— H.E. Justin Sun 孙宇晨 (@justinsuntron) March 10, 2023
Moreover sun stated that they will establish a $100 million liquidity fund in order to improve their liquidity situation in the stock market. This fund will be fully denominated in US dollars and will strengthen the multi-currency liquidity of the platform.
