Crypto exchanges flop after recent listing
#Five of the six coins surged on the notice date of the public vote Xangle, a platform that releases announcements related to blockchain, said the average price of six types of cryptocurrencies that recently when public on the Binance exchange had shed nearly a quarter of its value 7 days after their listing. The six cryptocurrencies are NKN, ARPA, CTXC, VITE, DREP and MBL — all of which went public after their listing were approved through a voting system on the Binance platform. According to Xangle’s data, the average price on the five of the cryptocurrencies jumped on the day the voting started: ARPA’s price jumped by 29 percent; CTXC by 82 percent; VITE by 119 percent; DREP by 25 percent; and MBL by 105 percent. #Sell on news? But prices tumbled dramatically afterwards. On the day of their listing, prices of the six cryptocurrencies dropped by an average of 7.45 percent compared to the previous day. After seven days, their prices had dropped by an average of 24.07 percent. NKN was the only cryptocurrency that increased in price after listing schedule was disclosed to the public. The evaluation of the six cryptocurrencies’ prices shows the “sell on news” pattern, in which the price of a cryptocurrency reaches its peak once the news of the voting is revealed and goes downward once listing is finalized.