- Binance recently listed another Bitcoin-based coin — renBTC (RENBTC).
- The asset has already seen quite a bit of volatility following the listing.
- Common phenomenon in the crypto industry, and its price is expected to stabilize after the initial period.
Binance, the world’s leading cryptocurrency exchange, recently announced the listing of yet another cryptocurrency — renBTC (RENBTC). The exchange made the new coin available in trading pairs against Ethereum and Bitcoin yesterday afternoon.
RenBTC can, of course also be deposited directly from users’ wallets.
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renBTC arrives on Binance
Of course, the addition of renBTC is important, since the coin represents a version of Bitcoin on Ethereum’s blockchain. As such, it can be used for redeeming Bitcoin at any time, and for any amount.
Another thing to note is that Binance advised users to be cautious when dealing with newly-listed tokens. The exchange is aware of its influence on token prices whenever it lists new crypto, and users should be, as well. The coin was listed without any listing fee.
Binance’s warning about the price of BTC, and therefore renBTC, was correct, as the coin saw quite a bit of volatility in the last 24 hours.
It moved from $15,250 to $15,750, only to see a sharp correction to $14,900, and then surge again. In the last 12 hours, the coin’s price has been fluctuating between $15.250 and $15,400, seemingly stuck between these two levels.
This is hardly surprising, as most in the crypto industry are undoubtedly aware of. Similar partnerships, announcements, and listings have always had a large, immediate, and most often positive impact on the prices of assets.
And, naturally, when an asset rapidly surges, it also tends to see an equally sharp correction.
At this time, trading on Binance has already been started, although renBTC remains the most active on Huobi. Despite this, its volume and liquidity were hardly impressive, which is why it is assumed that listing on Binance could significantly help the coin see more usage.
Something similar was already seen with another Bitcoin-based asset on Ethereum — Wrapped Bitcoin (wBTC) — which was listed on the last day of August 2020.