Blockchain News

Can Huobi Token [HT] Overcome FUD as Exchange Outflow Exceeds $75M

The Huobi Global exchange token, Houbi Token [HT], lost about 9% of its value after the exchange experienced massive outflows. According to the DeFiLlama, over $75 million has left the Houbi platform’s shores in the last 24 hours.

The DeFi aggregator reported that the exchange’s volume increased on December 15th. However, $204.65 million has flowed out since that time.

The token’s value plummeted as a result of rumours about internal exchange issues. A few days ago, there was speculation that executives at the firm were forcing employees to accept cryptocurrency payments.

In addition, Justin Sun, Director at the exchange and founder of TRON [TRX], stated that the company was making structural changes. According to Reuters, the adjustments equate to a 20% layoff. Sun, on the other hand, had declined to confirm or refute the rumour, according to the news provider.

At the time of publication, CoinMarketCap reported that HT had fallen 26.27% in the previous 30 days. However, the token briefly recovered, maintaining a 0.68% drop in the last hour. The odds from the daily chart, on the other hand, suggested that there could be more decline in the coming days.

This was demonstrated by the Directional Movement Index indications (DMI). The positive DMI (green) was 8.87 at the time of writing. In comparison, the negative DMI (red) was much higher, at 36.16.

With this posture, it may not be long before HT experiences a price decline. Furthermore, the Average Directional Index (ADX), in yellow, maintained the -DMI position with a value of 42.71. Furthermore, the Relative Strength Index (RSI) showed an oversold level of 32.21. As a result, a significant recovery may be improbable.

Sun, who joined the Huobi team only a year ago, dismissed the ongoing rumours as FUD. Sun indirectly responded by mocking Binance CEO CZ, whose exchange recently witnessed something similar. He stated,

“It’s important to recognize that the world of crypto can be volatile and uncertain at times. There will always be ups and downs, and it’s easy to get caught up in the fear, uncertainty, and doubt (FUD) that can come with it.”

In follow-up tweets, TRON’s founder said that the exchange was doing its best to overlook these sorts of “distractions”. Instead, it concentrated on meeting the needs of its users.

TRON’s stablecoin, USDD, appeared to be impacted by the decline as well, as it lost its peg to the dollar. This was not the first time the stablecoin had been the victim of fraud. The USDD was worth $0.98 at the time of publication.


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