Last Updated on March 10, 2023 by Bitfinsider
Just after 4:25 UTC, which is equivalent to 11:27 AM Hong Kong time, Sun verified that Huobi had received a payment of $100 million in USDC.
According to a statement by Sun, the precipitous decline was brought on by “leveraged liquidation on the market triggered by a few users.” This was followed by a subsequent recovery. This comes at a time when the cryptocurrency market as a whole is experiencing a correction, as a total of $307 million worth of holdings have been liquidated as traders try to make sense of the implications of Silvergate’s decision to stop providing financial services to cryptocurrency businesses.
According to a statement posted by Sun, “We will continue to improve the liquidity depth of major cryptocurrencies and HT coin, as well as enhance leverage risk alerts and liquidity capabilities.”
Sun has already admitted in the past that he is a significant shareholder in HT.
According to statistics provided by TradingView, the price of HT on the Huobi exchange fell from its 24-hour high of $4.81 to its 24-hour low of $0.31 at 21:00 UTC.
In October, HT rallied nearly 75% as a result of Sun’s statements that “revitalizing Huobi is to empower HT” and that “there will be many major moves around HT, including brand upgrade, heavy empowerment, and business collaboration.” Sun made these statements.
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