Why did helium's price jump today? Bill Ackman support, cryptos get a boost

Helium ( HNT-USD ) tokens perked up 10.8% in Tuesday afternoon trading as market participants weighed billionaire hedge fund manager Bill Ackman's recent endorsement of the blockchain project. On Monday, Ackman praised the helium ( HNT-USD ) blockchain, which enables wireless devices to send data to one another across its network of nodes. He described HNT, helium's native token, as a "valued commodity whose price is determined by supply and demand," while noting its supply is ultimately finite and its demand depends on the success of the network. Perhaps another reason why HNT tokens made an upswing during the session was the crypto market's modest bounce from Monday's lows. Bitcoin ( BTC-USD ) gained around 3% to $16.08K, but was still under immense downward pressure in the past month amid the implosion of crypto exchange FTX and its ripple effects. Seeking Alpha contributor Nathan Aisenstadt explained bitcoin's "hazy" future as traders seek to reduce their crypto exposure .