Crypto trading platform Huobi fights with shrinking crypto reserves: Role of the Sec in falling balances

Crypto trading platform Huobi fights with shrinking crypto reserves: Role of the Sec in falling balances

Huobi, one of the largest cryptocurrency exchanges in the world, struggles not only with the effects of the regulatory offensive, but also with a dwindling crypto credit. According to the cryptoma market expert Willy Woo, the amount of Bitcoin (BTC) in Huobi's Wallets from 410,000 BTC in 2020 has dropped to currently only 26,000 BTC. The credit at Ethereum (ETH) and Tether (USDT) should also stagnate.

The regulatory campaign of the Securities and Exchange Commission (SEC) in the USA has already led to a decline in reserves at various cryptocurrency exchanges after Binance and Coinbase were confronted with complaints. Coinphony reported that more than $ 2 billion in Bitcoin was deducted from the crypto exchanges in just one week, which led to a three-year low of the flagship assets of decentralized financing.

In addition to the dwindling crypto credit, web traffic to Huobi has also decreased significantly. According to Woo, the number of visits on the platform on the platform from 30.2 million fell to only 7.2 million in May. This corresponds to a decline of 36.93% in the previous month and an impressive decrease of 76.16% within two months.

The native token from Huobi, HT, has also lost value. It is currently being traded for $ 2.70, which corresponds to a decline of 93.17% compared to its all-time high of $ 34.66 in May 2021

It is important to note that this is not investment advice and that investments are always associated with risks. Nevertheless, the falling crypto credit at Huobi raises questions and show that the stock exchange has difficulty.

sources:
-Huobi crypto credit: Willy Woo on Twitter
-Huobi web traffic: Willy Woo / Similarweb