ICON [ICX] Prices Rise With Binance Announcement
Binance, which is a blockchain platform and one of the most popular crypto exchanges in the world, recently announced that they would support the ICO [ICX] token swap. Besides that, they announced that they would introduce the ICX/USDT trading pair. Furthermore, they said that they are planning to suspend the deposit and withdrawal of ICON [ICX] from June 20. The exchange also made it clear that they would handle all technical aspects involved for the holders of ICX tokens.
— Binance (@binance) June 13, 2018
The reason why they will be halting all deposits and withdrawals is that transferring the ICO ERC20 tokens is quite complex. They will need to move the tokens to their mainnet and ensure that the move happens flawlessly. After that, they may also need to test to ensure that there are no loopholes in the security.
What is ICON
The ICX is often used as the intermediary crypto coin. This makes it possible to conduct transactions between different crypto coins by relying on the exchange rate via the DEX Reserve. ICON recently announced that it was partnering with Carboneum. This partnership would enable it to help Carboneum with their technical development on the ICO blockchain.
Price Effect on ICX
When Binance announced the new trading pair, the prices shot up. At 13.04 IST, the ICX coins were trading at $1.9. However, at 13.19 IST, the coin had jumped to $2.06. At around 14.00 IST, the price dropped back to about $1.99. The data shows that is about 15 minutes, the prices of IST had spiked by about 8%. This trend started at 12.45 IST and ended at 13.00 IST.
It has many crypto enthusiasts turning to social media to share their excitement. While others are still waiting on the EUR trading pairs.
it's finally happening. w-…..we've waited so..so long
— Jeff Myron (@jeffmyron103) June 13, 2018
Please add ICX/EUR trading pair (or at least ETH/EUR) so I don't have to keep buying ETH with EUR on Kraken and transfer it to Binance.
— StevenDS (@Lucky8Steven) June 13, 2018
Other announcements by Binance
On January 23, the exchange had announced that they were adding PIVX/BNB, PIVX/BTC, and PIVX/ETH trading pairs. At the time, some of the users of the exchange were quite suspicious. In recent years, Binance has been hit by major accusations of insider trading. As a result, some of the paranoid users have tried to prove this is true. However, more thoughtful users have attributed the spikes to speculation, which is common in crypto.
Some users have gone to great lengths to prove this is true. Some have even argued that such trading is not illegal since there are no laws preventing manipulation in crypto markets. However, others have argued that would be difficult. One user even took time to create a chart, which showed how Binance had been messing with figures over the years.
The ICON ICX tokens are now the fourteenth crypto that is tradable against all the four trading pairs offered by binance. These are Bitcoin, Ethereum, Binance Coin, and the Tether (USDT). The thirteenth member of this group was added just yesterday, on 12 June. This was Ethereum Classic, which was added to ETC/BNB and ETC/USDT.
— Binance (@binance) June 12, 2018