Immutable X tokens sell out fast on CoinList; Binance restricts Singapore’s users; Bitcoin meets resistance
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Immutable X, an Aussie-built layer 2 scaling solution for Ethereum, has conducted another restricted sale on the CoinList token-listing platform, selling out in under an hour and raising over US$12.5 million.
It’s apparently a record number of registrants for a CoinList token sale, with more than 720,000 interested parties. Of those, however, only about 25,000 were actually able to make purchases, due to frothy demand.
The record-breaking $IMX token sale on CoinList is complete! 🎉
– Over 720k unique registrations
– 25K+ new token holders in the @Immutable X community
– Raised over $12.5 million in less than 1 hour
A huge thank you to everyone for the incredible support & participation❤️ pic.twitter.com/gtpIcMANAU
— Immutable (@Immutable) September 27, 2021
Immutable X is a project attracting a lot of buzz in the cryptoverse, having recently raised US$60 million in a series B funding round led by Bitkraft Ventures, King Rival Capital, Galaxy Interactive and Alameda Research.
$IMX IS the future of Ethereum NFTs !
— Moody Krows (@KrowsCo) September 21, 2021
Set to integrate with big NFT marketplaces, including OpenSea and the Mark Cuban-backed Mintable, Immutable X is viewed as an NFT and crypto game changer.
Its IMX token will help Immutable X in its overall utility to provide gas-free minting and trading, as well as giving holders yield-earning staking options and protocol governance voting rights.
Unfortunately, for Australian investors, they, along with those in the US, Canada, Hong Kong and China, weren’t able to register for the sale due to “regulatory uncertainty“.
The Binance global crypto exchange’s wind-back of services has moved to another country.
According to an announcement today, from October 26 Singaporean Binance users will no longer be able to access several options on the exchange, including: fiat deposits, crypto spot trading and purchasing crypto through fiat and liquid-swap channels.
So pretty much everything a casual Singaporean crypto buyer would want to use the exchange for, then.
Changes to Binance Offerings in Singaporehttps://t.co/tNscWF7zxd
— Binance (@binance) September 27, 2021
“Our aim is to create a sustainable ecosystem around blockchain technology and digital assets,” reads the Binance announcement, “and we hope that such efforts will help the industry grow in the local market in the long-run.”
Earlier in September, the Monetary Authority of Singapore (MAS) warned that the exchange is unlicensed in the country and may be in breach of the nation’s Payment Services Act.
Binance has been copping increasing regulatory scrutiny worldwide for much of the year and it was recently compelled to halt some of its services in countries including Australia, the UK, Japan, Malaysia, Italy and the Cayman Islands.
It’ll be interesting to see how countries continue to approach Binance given its increasingly conciliatory attitude to global regulation.
At the time of writing, Bitcoin has been trading between about $US42K and US$44K for a good 12 hours or so, with strong resistance just above US$44K. After hitting a 24-hour high of US$44,388, BTC is currently changing hands for US$43,320.
The entire market cap is still managing to keep its head above the US$2 trillion level, for the moment.
Ethereum (ETH), is also holding a psychological support level – US$3K. And certain go-to technical analysts remain particularly bullish on the asset.
Had a similar structure in 2017, where it broke south with a correction of 50%.
Now, the same price action takes place, with a correction of 35%.
— Michaël van de Poppe (@CryptoMichNL) September 27, 2021
Moving up and down the market cap charts, some of the biggest winners in the past 24 hours include decentralised crypto exchanges: Woo Network (WOO) +48.22%; IDEX (IDEX) +34.29%; Derivadex (DDX) +18.71; and the Avalanche-based Trader Joe (JOE) +13.49%.
Other DEXs, such as dYdX (DYDX), FutureSwap (FST), and the main player in this sub-sector, Uniswap (UNI), have also had impressive double-digit surges in the past 24 hours, but have pulled back again at press time.
dYdX is an Ethereum layer 2 DEX doing more volume than Coinbase.
It's probably nothing.
— sassal.eth 🦇🔊 (@sassal0x) September 27, 2021
The surge in DEX volume and native token prices can perhaps be attributed to China’s latest crypto crackdowns and big exchanges such as Huobi and Binance barring Chinese national users from their platforms.
Where there’s a will, there’s always a way for crypto traders, even ones banned by an authoritarian state…
BREAKING: #Huobi and #Binance, the 2 largest crypto exchanges in the world, have now fully suspended all new users from Mainland China after the Chinese government declared #Bitcoin trading illegal. pic.twitter.com/ILExeMmgBU
— Mr. Whale (@CryptoWhale) September 26, 2021
Some notable coins having mild-ish pullbacks at press time include: Tezos (XTZ) -9%; Cosmos (ATOM) -8.03%; and Celer (CELR) -7.55%; Decentraland (MANA) -6.55%.
• The “Side Eyeing Chloe” meme has sold at auction (by the girl’s parents) as an NFT. It went for 25 ETH (about US$76K), bought by Dubai music producer 3F.
Music company buys NFT of 'Side-eyeing Chloe' meme https://t.co/BYq0B6ExW7
— BBC News (World) (@BBCWorld) September 25, 2021
• SparkPool, the second-largest Ethereum mining pool, based in China, is suspending all operations as part of China’s continued crypto crackdown.
• Exchange Bitfinex has somehow managed to make a US$23.7 million ETH gas-fee error in a single US$100,000 USDT transaction. That’s got to be a gas-fee record.
At 11:10 UTC on the 27th September a deposit transaction was made using a hardware wallet from the main DeversiFi user interface with an erroneously high gas fee.https://t.co/OpSHkkFiBo
— DeversiFi 🥷 (@deversifi) September 27, 2021
• Jamie Dimon, CEO of global investment bank giant JP Morgan, is back on the Bitcoin-FUD train, comparing it yet again to 384-year-old tulip mania.
• Although, Dimon did also say he thought it was possible Bitcoin could be 10X its current price in five years, but he doesn’t care as he’s still not buying it.
• Cardano’s commercial arm, Emurgo, is investing US$100 million to finance DeFi-related crypto startups on the number three blockchain by market cap.