- Huobi BTC reached over $100,000 despite its purpose of being pegged to BTC at a 1:1 ratio.
- At the time of writing, the price has stabilized to reflect current BTC prices.
- Some people noted that Justin Sun is up to some suspicious scheme involving stablecoins.
Bitcoin has finally reached $100,000, as far as HBTC is concerned.
Huobi BTC (HBTC), a token launched by Huobi that was supposed to be pegged to the price of one bitcoin (BTC) in real-time, is showing a strange phenomenon. Specifically, the token has skyrocketed to over $106,000 — five times the price of BTC.
HBTC has been on a roller coaster ride, as its price plummeted to $10,000 just a couple of days ago. Now that the said token was at a dizzying price of $106,402 a couple of minutes ago, people are not sure what to make of it.
In fact, some of them did not even know this token existed until today.
At the moment, CNL is reaching out to the Huobi team for a comment. Now, while writing this piece, the price of HBTC has re-pegged to BTC.
In other news, some people are saying Justin Sun is up to some suspicious money-making scheme with stablecoins. According to a post dating back from March 10, Sun has withdrawn $60 million worth of USDT, USDC, and USDD from Huobi Global. In less than a day, he redeposited $100 million USDC.
Read Also :
Crypto News Land (cryptonewsland.com) , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.