Bytecoin (BCN), ChatCoin (CHAT), Iconomi (ICN) and Triggers (TRIG) are finding out just how devastating it can be to get delisted from Binance, who announced that these four cryptocurrencies will be delisted on 12 October 2018. Within hours of the announcement, each of them has crashed in terms of market price.
Binance is often the top crypto exchange in the world by daily trading volume, with daily trading volume regularly exceeding USD 1 billion. Getting listed on Binance is the primary goal of most new cryptocurrencies since it can cause a major rally, although it now appears the opposite is also true with delistings.
Binance says it conducts periodic reviews of listed cryptocurrencies to maintain quality and protect users. If a crypto falls below Binance’s quality standards, it can be delisted. The exchange says the factors that impact such decisions include the commitment of a team to the project, quality of development activity, network and smart contract stability, level of public activity, responsiveness to Binance’s requests, unethical practices and fraud, and the contribution of a crypto to the overall crypto ecosystem.
Bytecoin has dropped from USD 0.22 to USD 0.17, a 23% drop, shaving nearly USD 100 million off of its market cap. ChatCoin has dropped from USD 0.023 to USD 0.016, a 30% drop, which is only a USD 5 million drop in market cap since ChatCoin has a low market cap to begin with. Iconomi has dropped from USD 0.40 to USD 0.36, a 10% drop, taking USD 4 million off of its market cap. Triggers, the smallest crypto of all those that were delisted with a market cap of only USD 5 million, has dropped from USD 0.30 to USD 0.15, a 50% drop in value, and continues to decline. Triggers is only listed on Binance and this could be the death knell for it.
In total, the crash of these four currencies resulting from the Binance delisting amounts to a loss of USD 114 million from the crypto market cap, which is about 0.05% of the total crypto market cap of USD 217 billion. Therefore, the effect on the total crypto space isn’t much but is disastrous for their individual markets.
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