Investing.com – In a cryptocurrency market still under pressure from the aftermath of the FTX bankruptcy, Genesis warned yesterday that bankruptcy was among its optionswhich brought the to a new annual low, the case being an exception.
The Huobi Token (HT), the native cryptocurrency of cryptographic platform Huobi Global, is in fact showing an increase of almost 12% in 24 hours as of this writing, making it the best performing cryptocurrency in the top 100.
More specifically, Huobi Token began its upward movement in the early hours of yesterday, when HT was worth around $4.2, and then greatly accelerated its ascent, reaching a peak of $5.24 on the the next noon, an upside of almost 25% in the middle one day.
Following a correction, motivated in particular by the bankruptcy risk of Genesis, Huobi Token is now worth $4.77, while retaining more than half of yesterday’s gains.
Bitfinex Announces List of Huobi Tokens
As for the reasons for yesterday’s rise, they seem to be related to Bitfinex’s announcement of the listing of Huobi Token on its crypto platform.
“Today we welcome another token to the Bitfinex platform: #Huobi Token $HT,” Bitfinex tweeted yesterday:
With Bitfinex being the sixth largest cryptocurrency exchange in the world in terms of trading volume, HT listing could have a real impact on cryptocurrencies, allowing the broker’s many clients to access Huobi Token.
Huobi cleans up its platform and shows its credentials when it comes to its bookings
Note that yesterday’s rally also came two days after Huobi announced it was removing several cryptocurrencies from its platform.
“As part of our continued efforts to promote the healthy development of the blockchain ecosystem, Huobi Global will stop trading COVA, CVNX, CRO, DGD, EKO, EGS, GET, GSC, NCC, OGO, OCN, SRN, SSP, VVS, WND and ZNT,” the company wrote on its blog on Saturday.
This decision shows a willingness to protect clients and keep them away from potential scandals and cut off access to questionable cryptocurrencies, in the context of the FTX bankruptcy case which has severely undermined market confidence in crypto platforms and digital assets in general.
Before that, Huobi had also shown its financial credentials last week, becoming one of the first crypto platforms to publicly reveal its reserves.
“To show our determination and commitment to promoting transparency, Huobi is now taking action to disclose the balance details of our hot and cold wallets and make such disclosure a routine in the future,” the company wrote in the introduction of a statement. table. its various crypto wallet addresses and their balances as of Nov. 12.