Binance bloodbath – Matic comes with -70% in one hour under the wheels

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The volatility is probably the most famous feature is that most would connect with the market of crypto-currencies. However, the strong price fluctuations are not only known of Bitcoin, Ethereum and Co, because the volatility of the Altcoins with lower market capitalization is in many cases much lower. When on Binance listed Coin “Matic” occurred now, yesterday, Monday, a bloodbath of a special kind, which is likely to go down in the Crypto history books. The Token fell within a short period of time to 70% in the cellar. As a result, many are now speculating about possible manipulation, as well as the question of whether Margin Trading should be used in the case of Altcoins with low liquidity at all. Also Binance itself is under attack…

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Matic carnage on Binance record?

The price on Binance listed crypto-currency “Matic” is on the last Monday within 60 minutes to 70% in the basement crashed. Before the carnage of the course at 0,042$ (560 Satoshi), an hour later, in the case of only 0,012 USD (165 Satoshi). Consequently, almost 60 million USD have been destroyed in the Crash in market capitalization.

As in the Crypto-world, well-known Trader “Alex Kruger” noted, was preceded by yesterday’s collapse of a rise of 180-200% (depending on the source) in the 2 weeks before that. This rapid price increase and the Crash look like a classic Pump & Dump pattern. This is caused not rarely of large market players, want to achieve through the Manipulation of profits.For comparison: the rate of a Crash in the case of Matic and is equivalent to Bitcoin, according to the evaluation of a Twitter user a $ 2,500 within 30 minutes, caused by the 750,000 BTC sold:

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Who is behind the Matic-Chaos?

The above Course of Matic looks anything but natural. So it’s no wonder that many will be looking for an explanation for the bloodbath and a lot about Manipulation of speculation. Anyway,: Matic was handled this year on Binance held “Initial Exchange Offerings” (short: IEO) and the majority of the volume of the Coins is, therefore, still on the Exchange.In addition, you must know that the daily trading volume of Matic is normally rather low. In the world of Finance it is said that the market is not illiquid, since there are, depending on the size of the transaction and the date of the Order there is always enough buyers and sellers. Another point: The Matic tokens are very concentrated in the hands of a few. According to some sources, 99% of all tokens of the project should be on a few Top addresses.These factors together: Binance IEO, lack of liquidity and high concentration of the Token, open the door for wild speculation. Since it is assumed that the massive price Crash was caused by a single player who threw his Token on the market.Bitcoin with up to 100x to act and sign-up bonus secure. Sign up today for free on Bybit, and secure you a Deposit bonus of up to $ 60 USD. Here you can not only rising, but also falling share prices. The registration takes 5 minutes and there is no KYC needs to be carried out. Most Bybit today and see for yourself! Sign up now for free

How innocent Binance is?

By the IEO on Binance and the fact that the Exchange of the majority of the trading volume of Matic is held, many also is the question of how innocent Binance in the matter. The head of the Exchange, Changpeng Zhao (CZ) had to announce that you can pursue the matter, however, it should be already clear that the founders of Matic would have nothing to do with the thing.

But also, if Binance takes the incident seriously and has nothing to do with the Crash has, many the question of whether Margin Trading should be allowed in illiquid Altcoins at all. Explanation: Margin Trading takes place, if it is as it is on many Exchanges, such as Binance possible, a Token with the lever is. Thus it is necessary to have only a part of for the Trade the necessary capital.This Form of leverage is to trading have the Crash in the case of Matic and the carnage after the emergence of further fires caused. Since Binance, how many other exchanges, Margin offers Trading for many of the Altcoins that do not have sufficient liquidity, is Binance many in the criticism. It would not be surprising if it hits in the future another Coin with similar characteristics. Until then, it will be interesting to see what the “studies” in Binance. Because one thing is clear: such incidents throw to outsiders in a positive light on the Crypto-market and its seriousness.What do you think about the incidents in Matic to Binance? Come in to our Telegram Chat and talk with the experts and the Community. Subscribe to our News channel to not miss any News.Crypto Monday is not a simple message, we are a Community! Come on in our Forum and join the exchange of knowledge and benefit from the swarm intelligence of our members!You look better Videos to read the article? Then look at our Youtube Channel over. (Image Source: Shutterstock)

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