One announcement has sent the price of four coins downwards at speed…The news that a cryptocurrency is being listed at a major exchange such as Binance has the habit of causing its price to gain a very significant boost. As it happens, the reverse is also true. Should a major cryptocurrency exchange opt to delist a coin, that tends to have a dramatic effect the other way.
Binance announced yesterday that it was going to delist four different coins from its exchange. It made the announcement in a post explaining that it conducts “periodic reviews of each digital asset listing on our platform” in order to “maintain a high standard of quality”.
It added that should a coin or token fall below the standards that it sets, “it will be subject to further review and potentially delisted”.
And that’s just what’s happened.
The four coins, therefore, that it’s delisting, effective October 12th (the end of this week) are Bytecoin (BCN), ChatCoin (CHAT), Iconomi (ICN) and Triggers (TRIG).
All four pretty much immediately saw their price take a major hit. In the case of Triggers and ChatCoin, they were hit the hardest. Triggers is down 45% in 24 hours at the time of writing, ByteCoin has fallen just over 22%, Iconomi a relatively modest 8.69% and ChatCoin just shy of 30%.
Thus far, just one of the four has issued any kind of public response to the delisting, with the Iconomi team sending out the following Tweet…
ICN will be converted into the eICN equity token, which most exchanges are not currently legally prepared to offer. We expect that some exchanges will choose to delist ICN. (1/2)
— ICONOMI (@iconominet) October 9, 2018
You can read Binance’s official announcement here.