Binance recently listed another Bitcoin-based coin – renBTC (RENBTC).
The asset has already experienced some volatility after the listing.
This is a common phenomenon in the crypto industry and its price is expected to stabilize after the initial phase.
Binance, the world’s leading crypto currency exchange, recently announced the listing of another crypto currency – the RenBTC (RENBTC). The exchange made the new coin available yesterday afternoon in pairs trading against Ethereum and Bitcoin.
RenBTC can of course also be deposited directly from users’ wallets.
#Binance lists $RENBTC @renprotocol https://t.co/aCezJOJXdE– Binance (@binance) November 9, 2020
renBTC arrives at Binance
Of course, the addition of renBTC is important because the coin represents a version of Bitcoin on the Ethereum block chain. As such, it can be used to redeem Bitcoin at any time and for any amount.
It should also be noted that Binance advised users to be careful when dealing with newly listed tokens. The Exchange is aware of its influence on token prices when listing new crypto coins, and users should be too. The coin was listed without any listing fee.
Binance’s warning about the price of the BTC, and therefore the renBTC, was correct, as the coin has shown quite a bit of volatility in the last 24 hours.
It moved from $15,250 to $15,750, only to experience a sharp correction to $14,900, only to rise again. In the last 12 hours, the price of the coin has fluctuated between $15,250 and $15,400 and appears to have got stuck between these two levels.
This is hardly surprising as most of the crypto industry is undoubtedly aware of this. Similar partnerships, announcements and quotes have always had a large, immediate and usually positive impact on asset prices.
And when an asset rises rapidly, it naturally tends to correct just as sharply.
At that time, trading on Binance had already begun, although renBTC on Huobi is still the most active. However, its volume and liquidity were not very impressive, so it is thought that a listing on Binance could help the coin to become more widely used.
A similar situation was seen with another Bitcoin-based asset on Ethereum – Wrapped Bitcoin (wBTC) – which was listed on the last day of August 2020.