Tron (TRX), Huobi Token (HT) Plummet Nearly 10% In A Day, Here's Why

While the global crypto market appears to have plummeted due to federal reserve chairman Jerome Powell's recent announcement on the spike in interest rates, Tron blockchain native token (TRX) and Houbi exchange native token (HT) seem to have slumped for other reasons. On March 22, the U.S. Securities Exchange and Commission (SEC) charged Tron founder, Justin Sun over the offering of unregistered sale of crypto asset securities and the manipulation of the market to pump the price of Tron as well as other related tokens.

Timeline of Huobi-token, Tron

The United States Securities and Exchange Commission (SEC) has charged Tron blockchain founder Justin Sun, affiliated companies, and eight other celebrities over claims of promoting “unregistered securities” and manipulating the market. U.S.

The Tron network has successfully maintained consistent growth in key areas of its operations. The same goes for new weekly milestones and the latest report suggests that it upheld the positive narrative last week.

Justin Sun, the founder of Tron Foundation, responded to a Securities and Exchange Commission complaint which states that he was allegedly engaging in “manipulative trading and unlawful promotion of crypto asset securities." What Happened:  Sun, in a tweet on Wednesday, said the SEC's civil complaint is the “latest example of actions it has taken against well-known players in the blockchain and crypto space.

Justin Sun, the founder of the decentralized exchange platform Tron, has come lashing out at the SEC after the securities regulator sued him for selling TRX and BTT tokens as unregistered securities. This development comes on the same day as the US SEC issued Wells Notice to crypto exchange Coinbase.

Justin Sun, the founder of the Huobi crypto exchange, made an offer to acquire Credit Suisse AG (NYSE: CS) for $1.5 billion. What Happened: Sun wrote in a series of tweets on March 19: “I would like to propose my own offer of $1.5 billion to acquire Credit Suisse and integrate it into the Web3.0 world.

In a recent statement, Justin Sun, the founder of Tron, expressed his view that UBS's bid for Credit Suisse was insufficient. Instead, he proposed his own offer of $1.5 billion to acquire the bank and integrate it into the world of Web 3.0.

Amidst all the chaos in the crypto-markets following the collapse of crypto-friendly banks, Tron [TRX]‘s ecosystem shared its latest weekly report. In doing so, it provided updates on some of its key performance indicators (KPIs).

The current stablecoin turmoil has spread far and wide and no crypto project has managed to stay aloof from its impact. Tron [TRX], the layer-1 blockchain, saw its USD Coin [USDC] supply drop from $1.03 billion at the start of March to just over $530 million as of 12 March, almost getting halved.

Huobi Token [HT], the native token of the popular cryptocurrency exchange, Huobi Global, flash crashed by more than 60% during Thursday trading hours, falling from $4.74 to $1.83 in a matter of 25 minutes, as per CoinMarketCap.

Interesting price action was experienced in Huobi Token over the past 24 hours in which the digital currency, native to the Huobi Global exchange experienced a flash crash with its price dropping by as much as 93%. In what is considered a very rare event, the digital currency rebounded at almost the same rate within a short time.