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ICON [ICX] price spikes after yet another Binance announcement




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 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.


Fall in Bitcoin’s market dominance may be correlated to the fortunes of the altcoin market

Biraajmaan Tamuly



Will Bitcoin's Dominance falter for Altcoins to gain traction in the market?
Source: Pixabay

The trends set by virtual assets have always highlighted the cryptocurrency market’s inherent volatility and spontaneity. Prices lack symmetry and rarely exhibit consistent growth as different factors come into play to dictate an asset’s valuation.

At press time, the world’s largest crypto, Bitcoin, had stormed past the $11,000 mark and was consolidating to push for a surge over $12,000. The rest of the altcoin market however, apart from one or two minor hikes here and there, has been relatively quiet after collectively surging in the early part of the year.

At the beginning of 2019, a significant number of crypto-assets performed significantly well in a group, wherein most assets demonstrated a prominent hike in their values with little to minor price corrections.

A majority of tokens doubled their valuation until Bitcoin breached the $6,600 resistance. Subsequently, altcoins failed to keep pace as Bitcoin continued to test more resistance limits in the market.

Source: Twitter

At present time, Bitcoin enjoyed an unprecedented 62 percent dominance in the cryptocurrency market. As its dominance primes itself to climb over the 63 percent mark, many in the community speculate this could be red flags for the altcoin market.

Major cryptocurrency enthusiasts and analysts have stated that altcoins could significantly capitulate if it so happens. However, past events offer a sliver of hope for the altcoin market.

According to CoinMarketCap, the altcoin market has been significantly affected whenever BTC’s dominance has fallen. During the bull run of 2017, Bitcoin enjoyed a dominance of 65 percent and the global market cap hit a value of $402 billion. However, in January 2018, when BTC dominance plummeted, the global market cap peaked at around $710 billion. The dominance was down by half, whereas the global market cap had almost doubled.

A major reason for the same was money funneling into other altcoins after witnessing a shift in momentum from Bitcoin to the rest of the crypto-market. The present market situation may take a similar path once BTC’s dominance falls, opening the door for other virtual assets to take advantage of the scenario.

However, the present rise of BTC is backed by much more certainty than the bull run of 2017. Hence, a repeat of the January 2018 period may be unlikely, and will happen if and only the market sentiment shifts gears drastically towards altcoins.

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