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ICON [ICX] price spikes after yet another Binance announcement

Akashnath

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ICON [ICX] price spikes after Binance announcement
Source: Pixabay

Binance, a blockchain platform and one of the most widely used crypto asset exchange platforms, announced that they will support the ICON [ICX] Mainnet token swap and also adds ICX/USDT pair for trading. They said they will suspend deposits and withdrawals for ICON [ICX] starting from 20th June at 05.30 IST. Binance also announced that they will handle all technical requirements involved for all users holding ICX.

Recently, Ethereum Classic [ETC] was added on both Coinbase and Binance. The announcement of Binance supporting ETC coming hours after Coinbase’s announcement.

ICON is an interchain blockchain that connects various blockchains such as Bitcoin, Ethereum, and Qtum, with ICX to be used as intermediary currency. It enables transactions among different cryptocurrencies by determining the exchange rate through DEX Reserve.

ICON had also announced a strategic partnership with Carboneum, to proactively help Carboneum with its technical development on ICON blockchain.

1-day price chart of ICX | Source: CoinMarketCap

Binance will also open trading for the ICX/USDT trading pair on 13th June, 8:00 AM UTC, with the announcement coming just shortly before this.

Twitter user Cryptoneer replied to the announcement, saying

“Now for @LedgerHQ support!”

Today, 13.04 IST, ICX was priced at $1.9. By 13.19 IST, ICX was listed at $2.06, and hit $1.99 at around 14.00 IST. But investing.com shows a drastic price spike of around 8%, starting at 12.45 IST and ending at 13:00 IST – the same 15 minute time period that is reflected in CoinMarketCap data.

On January 23rd, Binance announced that they would add the PIVX/BTC, PIVX/BNB and PIVX/ETH trading pairs. And, at that time too, some users were somewhat suspicious.

Binance has been hit by many accusations of insider trading by suspicious, perhaps even paranoid, users, while other calmer and level-headed people have attributed sudden spikes to speculative trading.

User MustBeHere comments on

“It’s not like its illegal.

TheShadeParade elaborates on Reddit:

“Yes, the victims are the people on the other end of the insider trades (i.e., the people who sold their coins to the insiders before the announcement was public).”

OptimalDelusion muses on the same post as above:



“Tough to actually say who exactly is the culprit here. Would the PIVX team buy in just a while before the listing? Why not take advantage earlier? Is this someone off Binance team accumulating? Did the info leak to some investors? Who leaked the info?”

Here is another person who goes to much greater lengths and into greater detail about what he presents as Binance’s alleged foul play.

User Steadydee, accusing Binance of insider trading | Source: Twitter

In above image, the value ‘32%’ is average pump percentage, while the value ‘3.9’ refers to an average number of days before listing on Binance.





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A fourth year engineering student at SASTRA, working freelance at AMBCrypto. Writing and football are passions, and cryptos are an avid interest.

Altcoins

Bitcoin SV [BSV] gets hit with another reorg as multiple blocks get orphaned, including a 128 MB block

Akash Anand

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Bitcoin SV [BSV] gets hit with another reorg as multiple blocks get orphaned, including a 128 MB block
Source: Pixabay

Bitcoin SV [BSV] and its proponents have been making headlines over the past couple of weeks, either due to developments or because of comments made by its major proponents, Craig Wright, the chief scientist at nChain, and Calvin Ayre.

The network was also hit with several members of the cryptocurrency community alleging that the cryptocurrency itself is a sham without any use cases, as evidenced by its delisting on several popular cryptocurrency exchanges like Binance, Kraken and Shapeshift.

The latest news added salt to BSV’s wounds after it was revealed that the network went through another blockchain reorganization on a 128 MB block. This fact was pointed out by Nikita Zhavoronkov, the lead developer of Blockchair, who had tweeted:

“Whoops! $BSV has experienced yet another reorg, this time 6 (six!) consecutive blocks were orphaned (#578640–578645), this chain included a 128 MB block #578644 🤦‍♂️ The network was basically stuck for 1.5 hours, and this shows that even 6 confirmations are not enough.”

Orphaned blocks are valid blocks which are not part of the main chain. There are ways that they can occur naturally when two miners produce blocks at similar times or they can be a result of an attacker with enough hashing power using it for nefarious activities like reversing transactions.

A major reason why this reorg event made news was that a major 128 MB block was stuck in transaction, something that was not supposed to occur according to the initial claims made by the SV camp. Supporters of the cryptocurrency, however, have stated that despite being slower than promised, the transactions on the block settled faster than that on a Bitcoin Core block.



One supporter of BSV, mboyd1, tweeted:

“Orphaned blocks are a feature, not a bug”

To this tweet, Zyo, another cryptocurrency enthusiast replied:

“yes, but orphaning 6 blocks in a row is not good, that means that 6 confirmations is not safe. It’s a bug because the 100+ MB take way too long to propagate and validate. There is a reason why BCH doesn’t have [yet] 100+ MB blocks.”





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