Binance's decision on listing coins surprises everyone.
May 10, 2018 Posted / 206 Views
When you are powerful in particular, certain roles, responsibilities come along when you're in a dominant position and Binance has a past full of ups and down. Binance is touted as the world’s leading cryptocurrency exchange dominates with lots of power. Binance can fix any price anything as per its wish meant for the listings which still the altcoin projects will give which is meant for the liquidity along with legality which a listing on Binance involves. out of the blue when Bytecoin was added to Binance, it came as a surprise owing to its old and unpopular status in the cryptocurrency market, since Binance is well-known for listing the most up-to-date tokens, although it seems like it can list any token if it gets its right price. On the same line, listing of Bytecoin in addition to many latest tokens, which led to perplexment for a lot of investors. As a result, this has raised many eyebrows in the crypto space.
In case of Bytecoin, despite the consequences of the muddy past its current situation is in doubt. Seeing that many coins which are listed on Binance can look ahead for a momentous soar, on the other hand, Bytecoin's price was noticeably elevated compared to its normal price in the same way its collapse was extravagant. Talking about its gain and loss, Bytecoin went up to 270% in just a few hours ahead of the plunge, as s result, the daily gains accounted for only 71%. As reported by Bytecoin, the reason behind this was because of the “abnormal high load” which its network went through. Probably, an end result of this was that people hastily started to transfer their Bytecoins to Binance to grab hold of this big pump. Later on, the exchange released an update from its side, by giving an opinion to the traders that “Please be precautious of high price volatility also trade with caution.” Just after few moments of being listed on the leading exchange, BCN network bunged authenticating transactions, thus stimulating a stop the progress of BCN withdrawal to Poloniex. Anyways, it depends entirely on Binance for listing whatsoever coins it wants, in addition to this; Binance is not to be blamed for the prices which the traders opt to pump coins. As it is well-known that Bytecoin had a gloomy past, yet, attached with certain apprehensions on the topic of who possesses the volume of the circulating supply, it seems to be quite difficult to make out how Bytecoin can help the community for the addition into to Binance. Since the exchange is leading the crypto market for a long time, altcoins will crave to get listed. In addition to this, the investors and traders will struggle to grab hold of the pump, despite the consequences of the coin’s bare bones.
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