HBTC crypto price skyrocketed to $166,135! Here's why

April 22, 2022 05:42 PM AEST | By Raza Naqvi

HBTC crypto price skyrocketed to $166,135! Here's why — Image source: © Bravissimos | Megapixl.com

What is HBTC crypto?

The HBTC crypto is a standard ERC-20 token, and the Huobi Blockchain Team founded it. Notably, this virtual currency maintains equivalent value to Bitcoin and has the flexibility of Ethereum.

As per the whitepaper, the HBTC crypto can bridge the Decentralized Finance (DeFi) market and centralized market by allowing users to participate in the DeFi space through Bitcoin.

In addition, the HBTC crypto claims to enable users to access decentralized protocols like Curve, Nest, BoringDAO, Uniswap, C.R.E.A.M, and Harvest.

According to the official website of the HBTC crypto, users can get it through its cryptocurrency exchange called Huobi Global.

Why did the HBTC crypto price soar massively?

There is no apparent reason behind the surge in the HBTC crypto price. It could be due to increased volatility in the market, and prices of almost all the virtual currencies keep fluctuating significantly.

After recovering for a few days, the crypto market crashed on April 22, and the global crypto market cap had declined to US$ 1.88 trillion at 3:30 AM EST.

The dominance of Bitcoin had declined by 0.13 per cent over the previous day to 41.06 per cent.

Bottom line

Investing in cryptocurrencies is a risky business because the market remains volatile, and one should exercise due diligence before buying a virtual currency.

Also Read: What is Dallas Cowboys crypto? All you need to know

Risk Disclosure: Trading in cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory, or political events. The laws that apply to crypto products (and how a particular crypto product is regulated) may change. Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading in the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed. Kalkine Media cannot and does not represent or guarantee that any of the information/data available here is accurate, reliable, current, complete or appropriate for your needs. Kalkine Media will not accept liability for any loss or damage as a result of your trading or your reliance on the information shared on this website.

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.