In the encrypted world, sudden price fluctuations are not uncommon, but the flash crash of Huobi Coin (HT) at around 4 am on March 10 (KST) made many investors doubtful.
HT price chart | Source: Tradingview
TradingView data shows that the price of HT fell from an intraday high of $4.81 to a low of $0.31 within 25 minutes, causing more than $200 million in funds to disappear within an hour. . However, it recovered quickly and is currently trading at $3.79, down around 24% in 24 hours.
The reason for the sudden price drop is unclear, but researcher Kaiko tweeted charge 5 minutes before the incident, $2 million in HT was discharged, significantly higher than the usual $600,000.
Huobi currency $HT See 90% of flash crashes and recover quickly within an hour @azcoinnews https://t.co/zfsHEfM5ed
— Kyptos (@azcoinnews) March 10, 2023
Justin Sun, the founder of the Tron blockchain and an important holder of HT, owns Comment The sudden plunge was caused by some users triggering a series of leverage liquidation, which is normal market behavior and volatility.
Despite the turmoil in the crypto market, HT is one of the major cryptocurrencies with a market capitalization of $630 million after the recovery. It is used to reduce transaction fees, purchase VIP status packages, vote on Huobi transaction decisions, and earn cryptocurrency rewards. As such, it is closely watched by cryptocurrency traders and investors.
This incident serves as a reminder of the risks associated with investing in cryptocurrencies, where sudden price fluctuations can occur in as little as a few minutes. It also highlights the need for caution and research before investing in any cryptocurrency.
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according to Kyptos