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The price surge follows a series of events which recently took place within the Huobi Global exchange.
The native token of Bitcoin exchange Huobi Global, the Huobi Token (HT) has spiked by over 17% in the last 24 hours. As of press time, the token was seen trading at $5.22 on CoinMarketCap. However, the surge follows after a series of events that recently took place within the exchange.
Here’s Why Huobi Token Is Surging
As earlier mentioned, there are a few factors contributing to the spike in the price of Huobi Token. But the major one appears to be the news of fresh investment in the crypto exchange.
Hong Kong-based asset management firm About Capital recently acquired the stake of Huobi’s founder Leon Li Lin. And while the deal only saw a change in one of the firm’s controlling shareholders, the promise of more investment was enough to see the price of HT jump up excitedly.
Another reason behind the Huobi token price surge is that Huobi Global also recently announced its Global Advisory Board. And for what it’s worth, the board has requested that some of the biggest industry leaders come into the fold. This move saw the likes of the founder of TRON Foundation, Justin Sun, taking up advisory roles in the exchange.
The other top names joining Sun as advisors at Huobi Global include the CEO of Valkyrie Investments Leah Wald and Ted Chen, the CEO of About Capital Management. Co-Founder of Huobi Global, Du Jun and Wang Yang — Vice President of HKUST, are also on the board.
Breath of Fresh Air
It is worth noting that the past few months have not been particularly kind to Huobi Global. It has had its fair share of down moments, having to lay off about 30% of its staff in June.
The firm also had some run-ins with New Zealand regulators in August. Those issues remained unresolved and resulted in the firm halting derivatives trading services to residents.
So, the latest price surge and the splurge of innovations and additions are welcome to the platform.