HUSD loses $1-peg amid reports of Tron's Justin Sun taking over Huobi Global

Days after Huobi Global announced the delisting of HUSD from its platform, the stablecoin has seen a decline in its price, leading to a significant slip in its $1 parity.  HUSD tanks by 23% in a day Data from CoinMarketCap revealed that the stablecoin has tanked by more than 20% over the last 24 hours.

Timeline of Huobi-token, Husd

After Huobi Global announced that it would be delisting the stablecoin HUSD and auto-converting customer balances 1:1 with tether tokens, the stablecoin asset has dropped significantly in value sliding to a low of $0.72 per unit. HUSD Remains Below the $1 Peg Another stablecoin is struggling to maintain parity with the U.S.

Top executives at Huobi have reportedly resigned after Justin Sun's takeover. The post Huobi Top Executives Reportedly Resign as Justin Sun Takes Over appeared first on BeInCrypto.

On Thursday, the cryptocurrency exchange Huobi Global announced that the trading platform plans to delist the stablecoin HUSD and the delisting will begin at 08:00 (UTC) on October 28, 2022.

According to a statement from Huobi Global, trading in its HUSD stablecoin will cease and the token will be delisted on Friday. Following the delisting, Huobi users' HUSD holdings will be changed into USDT at a 1:1 ratio, the exchange said, adding that it anticipates the conversion to be finished by Nov.

Huobi Global will delist the virtual asset HUSD and is planning to convert the assets to USDT. HUSD in Another Headline The native stablecoin of Houbi Global, HUSD, will be delisted and will convert all HUSD holdings to USDT.

The cryptocurrency market is currently experiencing some turbulence, and many coins are struggling to keep up with their peers. However, one coin is bucking this trend and gaining momentum at an impressive rate.

With the entire virtual assets industry currently operating against a bearish backdrop, it is fairly unusual to observe significant price surges for any asset, especially within a short period of time. The two virtual asset mainstays, Bitcoin and Ethereum, have seen their prices drop by 0.62% and 4.7% on average respectively over the past month.

Following a series of major moves, the price of Huobi Token (HT), the platform token issued by the world's leading virtual asset exchange Huobi Global, has grabbed the attention of many investors, due to a near doubling in price within the space of a week.

Huobi Global has seen its native token HT surge up to 70% in the last 30 days, following the arrival of Tron founder Justin Sun as an advisor to the crypto exchange. The post Huobi token up 70% in the last 30 days, following Justin Sun's arrival appeared first on CryptoSlate.

The price movement of Huobi Token (HT) has somewhat seen miracles given its price movements of late. HT's price showed strength as the price cracked more than 70% gain despite the market displaying uncertainty.