AltSignals outlook: Impact of the Huobi insolvency rumours
- Justin Sun has dismissed the insolvency rumours as FUD.
- Amid the broader crypto market uncertainty, Bitcoin has retreated from the $30k level.
- Meanwhile, the AltSignals presale continues to attract investors as funds raised surpass $1.24 million.
Justin Sun, founder of Tron (TRX), has dismissed the latest rumours around the crypto exchange Huobi, suggesting this is just FUD. Meanwhile, the broader crypto market remains largely uncertain after Tether sell-off and Bitcoin’s retreat from the $30k level.
But despite these events, one crypto project seeing consistent interest is AltSignals, a trading platform that has integrated artificial intelligence into a new algorithm that could be the game-changer for traders when it goes live.
Huobi insolvency rumours
Huobi, ranked 12th among largest crypto exchanges by trading volume, was again in the news this weekend over its solvency status. With USDT selling-off and Huobi witnessing huge outflows, market reaction saw BTC decline to lows of $29,000.
This is after reports emerged of arrests and investigations against the exchange by Chinese authorities. Rumours of the Justin Sun –backed exchange being possibly insolvent also intensified after crypto analyst Adam Cochran highlighted potential discrepancies in the company’s holdings.
Cochran pointed to on-chain data that shows Huobi’s assets at less than $90 million as of August 5, against the company’s latest ‘Merkle Tree Audit’ that indicated it held about $630 million in USDT. It’s these figures that fueled the insolvency claims.
Sun and Huobi have downplayed the allegations around investigations and arrests. According to Xandi, a Huobi community manager, the circulating information was “pure rumours” and that neither Huobi nor Tron has been questioned by Chinese police.
“We find it important to avoid false information in this age and please note all operation has been normal,” Xandi noted.
Hey, Adam:) This is Xandi from Huobi. Neither Huobi nor Tron is questioned by the police and it has been pure rumors. We find it important to avoid false information in this age and please note all operation has been normal as usual:) Let’s stop the spread of false info together!
— 三三 💙 Huobi (@33Huobi) August 6, 2023
AltSignals presale continues amid latest market turmoil
While Sun has added to the FUD call, it appears some investors are spooked, with TVL on the platform declining. The allegations could accelerate fresh declines for crypto if that’s the case, a cascade of which could mirror the events seen through last year’s crypto winter.
However, the investment community can use the opposite effect to their advantage by scouting for top promising projects for what’s likely to become bargain buys.
One of these projects is AltSignals, whose presale can be accessed here.
Why are more people interested in AltSignals’ AI-driven platform?
As noted above, the trading platform is building an AI layer atop its already successful trading algorithm AltAlgo. The new platform dubbed ActualizeAI will be powered by the ASI token and offer several AI-driven trading solutions for traders.
ASI holders have access to ActualizeAI, and can earn rewards from within the AI Member’s Club.
For the trading community around ActualizeAI, access to accurate buy and sell signals will for instance be available in real-time and 24/7 across any market condition. Whether in bear or bull markets, natural language processing, machine learning and predictive analytics are all integrated to offer optimized performance.
AltSignals’ indicators are available for futures, options and long-position trading across cryptocurrency, and stocks among other markets.
What’s the price of ASI today?
Although crypto markets remain wildly unpredictable as shown by the sudded impact of events such as the Huobi rumours, a few key factors are likely to drive ASI price higher after the presale. These include the ASI token’s scheduled launch on crypto exchanges in Q3, 2023, starting with Uniswap.
The token will also list on CoinGecko and CoinMarketCap, while the ActualizeAI Pass NFT Marketplace is also expected to launch in the quarter. Deployment of the ActualizeAI dashboard and debut of live trading in Q1 could also be key positive drivers.
The current AltSignals price is $0.01875 and will rise to $0.02274 at the end of the fourth presale stage. Thereafter, the price could rise significantly given the demand for a token whose community currently exceeds 50,000 traders.
To buy ASI, visit AltSignals.io
