Bitfinex Adds Trading Pairs for Tezos (XTZ). Bad luck bit off a chunk of its market cap - Tezos News. Tuesday, September 18
Bitfinex adds trading pairs for Tezos (XTZ)
Tezos has got the thumbs up for one of the major cryptocurrency exchanges in the world.
Following the long-awaited release of Tezos’ Mainnet, cryptocurrency exchange Bitfinex has recently announced it will allow users and investors to trade this digital asset, as well as to make deposits for the token.
The two exchange pairs enabled to trade against the XTZ (Tezos’ native token cryptocurrency) are Bitcoin (BTC) and the U.S Dollar (USD). The announcement also revealed that margin trading and Peer-to-Peer (P2P) funding is coming for the aforementioned crypto asset, but first, the exchange will wait for its liquidity to grow.
Bad luck bit off a chunk of its market cap
While one could expect to see some movement on the green road of charts yesterday – especially if we take into consideration how big of a deal was the launching of its mainnet, the reality was that the crypto market in general suffered a cheek slap that brought down the prices of almost all digital currencies – Tezos included.
Looking at its chart, we see that prior of the announcement for the official release yesterday, the XTZ was performing positively and reporting small gains. Once the tweet was published, the XTZ skyrocketed, going from $ 787.3 million USD to as much as 1 billion in its market cap, reflecting that the market was getting ready for this Monday, September 17. After the launch, its price peaked a bit more.
Then it went all the way down, losing around $ 171 million in the process – almost as much as the total amount raised in its July 2017 ICO. While some people could think that the market reacted negatively to the launch, this would have made sense in a scenario where almost all cryptocurrencies did not suffer the same fate.
This suggest that something else – not related to Tezos’ announcement in any way – was responsible for the aforementioned movement of the market. Thinking that Tezos got bad luck for launching “at the wrong moment” would be a plausible guess.
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