Binance listing causes $500m trading volume in 24 hours

09 May, 2018
News
Binance listing causes $500m trading volume in 24 hours

Yesterday will be remembered by many as the day they either made or lost an exceptionally large amount of money trading Bytecoin. Binance’s newest coin listing trades $500m in volume on its first day due to unforeseen pump.

Binance's most recent listing was the 184 billion supplied Bytecoin (BCN). BCN has been a tradable coin since August 2014 and is easily one of the veteran coins being traded in the crypto space.

BCN was listed on Binance yesterday to many customers surprise and for reasons unbeknown to many, the coin managed to pump from 128 satoshis ($0.011) to a high of 10,000 satoshis ($0.90). That is 81x the actual price of the coin before being listed. BCN managed to trade over 2000 satoshis ($0.18) for most of the day while whoever was lucky enough to have deposited, capitalized on insane profits.

Most customers sent BCN coins as fast as they could to the exchange only to be left waiting hours for the BCN coins to show up in their Binance account.

The craze has since caused the BCN wallet to be down for maintenance on just about all exchanges. The concern for most customers who missed out on one of the fastest profitable trades of the year, if you actually managed to pull it off, was how come the wallets were not clearing the transactions? What was the original delay?

Keep in mind, most of these exchanges are not regulated the same we we see Wall Street being regulated. Insider trading is indeed a criminal offense worldwide. However, if you are not regulated in such a manner, what prevents the exchange from trading the pumps?

While this is all just theory and would be extremely hard to prove, many customers were not happy with the listing of a mediocre coin that then was not tradable when the price was soaring.

BCN has since had its figures removed from coinmarketcap due to wallet issues. At one point yesterday, the coins market cap was in excess of $36 billion, making it the third ranked in market cap. The extremely high supply means the coin was already in the top 30 ranked coin on coin market cap regardless of the pump.

There are lots of theories as to why Binance decided to list BCN and why the deposits where down for so long. Only time will tell, but this is not the first time users have brought up the issue of Binance staff trading insider information. 

Read more about: Bytecoin (BCN)

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