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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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