During the previous day, the Huobi token has fallen by nearly 11%.
Huobi registered a significant price drop of 29.4% during the month.
Huobi Token (HT), the native token of the Huobi Global exchange, has currently witnessing a dramatic price fall in the global cryptocurrency market. According to CoinMarketCap (CMC), the price of Huobi is now massively plummeting, with a 24 hours price change of 6.2%.
Huobi Token One-Day Price Chart (Source: CMC)
During the past few days, Huobi Token has experienced an unstable momentum, with fluctuations in its value. On the previous day, the token has fallen by nearly 11%. Further, during the month, Huobi registered a significant price drop of 29.4%.
At the time of writing, Huobi Token is trading around $4.67 with a one-day trading volume of $20,546,464. HT is still ranking among CMC’s top losers.
The Sudden Plunge of Huobi Token (HT)
It is assumed that the recent allegations regarding the Huobi exchange have hampered the price of the Huobi Token. According to certain reports at the end of the previous year, Huobi is planning to reduce the pay of its top employees and lay off a sizable portion of its workforce. The sources disclosed that the company is looking to reduce its present 1,200 workforces by 600 to 800 employees. Additionally, the exchange will discontinue offering incentives every year.
Further, another report also came out that Huobi Exchange is allegedly forcing its employees to accept remuneration in USDT or USDC rather than traditional fiat currencies. They are also threatened with dismissal if they oppose the suggested method of payment. Workers are outraged by this decision and have begun to protest the corporation.
Moreover, Huobi is currently making an effort to resume the token’s upward price trend, in contrast to the token’s price swings over the previous couple of days. Token’s trading volume has increased by nearly 11.72% in the past 24 hours, as per CMC.