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What Crypto Winter? GMX Soars 34% on Binance Itemizing

GMX went reside on Binance earlier at present. 

GMX Jumps Amid Binance Hype 

One in all crypto winter’s outperformers is benefiting from the Binance itemizing impact. 

Per CoinGecko knowledge, GMX has jumped to $54.20 in Wednesday buying and selling, up 34.2% on the day. It briefly topped $60, falling a whisker in need of its $62.10 all-time excessive recorded firstly of the yr. Whereas the fast-growing decentralized change has proven power over the previous few months, at present’s rally will be attributed to a brand new itemizing on the world’s prime cryptocurrency change, Binance. 

In a Wednesday weblog publish, Binance revealed that it will listing GMX/BTC, GMX/BUSD and GMX/USDT buying and selling pairs commencing at present. GMX surged inside minutes of the announcement going reside, proving that Binance’s itemizing decisions nonetheless have an enormous affect on market dynamics. 

For a number of years now, exchanges like Binance and Coinbase have rocked markets each time they listing comparatively illiquid tokens for buying and selling, typically leading to parabolic upward strikes. Receiving an change itemizing is usually seen as constructive information for token tasks, however exchanges have sometimes come underneath hearth over suspected insider buying and selling incidents (as change workers are inclined to learn about token listings forward of the general public, they’ll theoretically front-run the market by shopping for property earlier than they go reside). In July, the Division of Justice and Securities and Trade Fee charged a former Coinbase worker and two of his associates for alleged insider buying and selling; the Coinbase alum has pleaded not responsible. 

GMX is a fast-growing decentralized buying and selling venue specializing in perpetual futures. Constructed on the Ethereum Layer 2 community Arbitrum and Avalanche, it presents DeFi merchants as much as 30x leverage on BTC, ETH, and different property. In line with the GMX web site, it at the moment holds about $741 million in property underneath administration. GMX launched towards the tail finish of the latest crypto bull run in late 2021, however because it’s grown in reputation, the GMX token has outperformed most different crypto property. It took a beating after the June liquidity disaster, bottoming at round $11.53. Since then, it’s surged greater than 370% whereas different property like BTC and ETH battle inside a decent vary. 

Learn Crypto Briefing’s GMX product evaluation right here. 

Disclosure: On the time of writing, the writer of this piece owned ETH and several other different cryptocurrencies. 

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