Binance.US Lists TEZOS in The Ongoing Crypto Market Crisis

News / 16.03.2020

TEZOS was eyeing a possible parabolic Bull Run before the crypto market crash.

On March 15, 2020, Binance US announced TEZOS (XTZ) as their latest listing in more than two weeks, for the trading pairs, XTZ/USD and XTZ/BUSD that will open on March 16 from 0900h EST or 0600h PST.

Binance. US users can immediately start USD, BUSD or XTZ deposits into their wallets ahead of live trading time, which will also enable withdrawals. The exchange has also integrated several payment methods like debit cards, ACH, and wire transfers. 

“To deposit and trade USD for XTZ, you will need to pass a fiat verification after completing basic and advanced verification,” said Binance CEO Changpeng Zhao while shedding light on how to acquire XTZ on the exchange.

Binance.US is an operating exchange in the United States run by the BAM Trading Services. It has fewer listings due to jurisdiction limitations and financial laws but is otherwise similar to Binance in its trading aspects.

Binance announced the addition on Twitter. The news came days after Tezos partnered with the crypto payment platform Crypto Earn. Due to the partnership, users are allowed up to 6% yearly on XTZ deposits with private users offered up to 8%.

Binance ‘EFFECT’ yet to Boost TEZOS Prices

The announcement comes during a spell of crisis in the crypto market, resulting from crashes in oil prices and the ongoing coronavirus pandemic. XTZ was visibly among the top 10 loser altcoins.  However, it dropped by 30% in 24 hours.

Binance has a long history of boosting the valuation of a cryptocurrency once it is listed on its platform. In previous times, investors noticed a coin’s value would spike by 80% after being listed on Binance almost immediately.

The aftermath, which has since been dubbed as the Binance effect, boosts prices since Binance is the world’s biggest exchange in the trading volume perspective. But then, in this devastating state of the crypto market that has even seen the price of Bitcoin drop below the $5000 mark, the effect might face a delay.

At the time of writing, there is no notable upsurge activity in its price ($1.21) that indicates the new development is boosting traffic to its trading pairs on Binance. Additionally, since the announcement, there hasn’t been any effect.

TEZOS’s Successful Run Before the Market Crash 

A week before the crash, TEZOS had quite a stable week with prices ranging between $2.76 and $2.60, with two surges above the $3 mark.

However, after the crash, TEZOS prices fell below the $2 mark, a territory that it has maintained since.

TEZOS also recorded its highest price of the year $3.92 on February 19, staging a parabolic bull run, following a number of optimistic developments in the crypto market, before the oil prices and the crypto market crash.

The crypto market, which rarely follows other market patterns, is bleeding alongside every other stock market around the world. Many people assumed cryptocurrencies would become a safe haven for investors. Nonetheless, the exact opposite happened which adds more doubt to the value of the industry as a whole.

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Wayne is a Blockchain enthusiast and expert in crypto trading. Currently, he covers trendy issues on digital currencies.