3 Reasons for Huobi Token (HT) Price Surge Today

Huobi Token (HT), the native cryptocurrency of Huobi Global, rose about 18% hours after Justin Sun confirmed that he will take an advisory role on the exchange.

The recently announced Global Advisory Board will aim to guide the company’s business efforts and expansion plans, as well as receive new investment.

• Huobi announced the establishment of the new unit yesterday (October 9) and immediately invited some industry leaders to join. One such person was the Chinese businessman and founder of the TRON Foundation: Justin Sun.
• Shortly after, he said he was “honoured” to join the exchange and described it as an “innovative, vibrant and resilient organization in its latest chapter of global expansion”.
• The other four names appointed as advisers to Huobi were Ted Chen (CEO of About Capital Management (HK) Limited), Du Jun (co-founder of Huobi Global), Wang Yang (Vice President of HKUST) and Leah Wald (CEO). from Valkyrie Investments).
• Despite joining the trading venue as an adviser, Sun denied rumors that he will buy a $1 billion stake in it.
• Meanwhile, speculation indicated that FTX CEO Sam Bankman-Fried might buy that part of the company. The American, however, rejected that too in his last tweet.
• Over the weekend, the company also announced new investment funding that would help stabilize its operations after recent turmoil.
• The platform’s native witness, HT, reacted positively to the news. It jumped from $4 to $5.2 in one day, marking its highest price since August.
• Huobi’s new initiative and the increase in the price of its token is a breath of fresh air as the past few months have not been kind to the company.
• In June, it laid off at least 30% of its staff, citing “the sharp drop in revenue after the removal of all Chinese users.”
• Two months later, Huobi halted derivatives trading services to users based in New Zealand as the company could not resolve its issues with domestic regulators.