Huobi token surges 25% on hopes of Bitcoin ETF approval

The Huobi token rose 25% on Thursday, hitting a five-month high of $2.95. The rise comes amid market optimism over the prospect of Bitcoin ETF approval.



Huobi Token (HT) on Thursday broke its year-long downtrend and surged 25% to hit a five-month high of $2.95. This significant rise was accompanied by a sharp increase in trading volume on the HTX exchange, reaching $32 million, a substantial increase from last week’s trading volume of $2-5 million. The leading pair driving this upswing was HT/USDT.

Huobi token
Huobi token

New York, Nov 10, 2023 (Times of India) – Huobi Token (HT) on Thursday broke its year-long downtrend and surged 25% to hit a five-month high of $2.95. This significant rise was accompanied by a sharp increase in trading volume on the HTX exchange, reaching $32 million, a substantial increase from last week’s trading volume of $2-5 million. The leading pair driving this upswing was HT/USDT.

The rise is notable given the sell-off pressure HT faced following allegations against Li Wei, brother of Huobi founder Li Lin. Wei was accused of acquiring tokens for nothing and then selling them for a substantial profit. Despite this controversy and the lack of a clear catalyst for this price increase, market optimism seems to prevail.

The broader altcoin market appears to be buoyed by the potential approval of a spot bitcoin exchange-traded fund (ETF) by the US Securities and Exchange Commission (SEC). This optimism was further boosted by Bitcoin trading at a 16-month high of $36,800. Since October 20th, the non-Bitcoin cryptocurrency market cap has grown substantially from $505 billion to $631 billion.

Despite recent gains, HT’s current price is still significantly below the all-time high of $34.80 recorded in 2021. Huobi adviser Justin Sun did not explain the reason for the sudden price increase.

Leave a Comment