What Crypto Winter? GMX is up 34% on Binance listing.
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GMX went live on Binance earlier today.
GMX Jumps Amidst Binance Hype
One of the best of the crypto winter is benefiting from the Binance listing results.
According to CoinGecko, GMX jumped to $54.20 in Wednesday trading, up 34.2% on the day. It fell short of the all-time high of $62.10 hit earlier in the year. While the fast-growing decentralized exchange has shown strength over the past few months, today's rally could see a new listing from the world's top cryptocurrency exchange, Binance.
In a blog post on Wednesday, Binance revealed that it will list GMX/BTC, GMX/BUSD and GMX/USDT trading pairs today. GMX surged within minutes of the announcement going live, confirming that Binance's listing picks still have a big impact on market volatility.
For years, exchanges like Binance and Coinbase have shaken up markets when they listed relatively illegal trades, often resulting in upward moves. Acceptance of an exchange listing is generally seen as positive news for token projects, but exchanges have occasionally come under fire for suspected insider trading (since exchange staff know about token listings before the public, they can theoretically run the market in front of them, buying assets before they go live). In July, the Department of Justice and the Securities and Exchange Commission filed two charges of insider trading between a former Coinbase employee and his associates; I'm not guilty of being a Coinbase alum.
GMX is a fast growing decentralized trading platform focused on perpetual futures. Built on the Ethereum Layer 2 network Arbitrum and Avalanche, DeFi offers traders up to 30x leverage on BTC, ETH and other assets. It currently has approximately $741 million in assets under management, according to GMX's website. GMX started at the tail end of the recent crypto bull run that opened in late 2021, but as it continues to grow in popularity, the GMX token has outperformed other crypto assets. It took a beating after June's liquidity crisis, falling to $11.53. Since then, it has surged over 370%, while other assets such as BTC and ETH have struggled in a tight range.
Read the Crypto Briefing GMX product review here.
Disclosure: At the time of writing, the author of this article owns ETH and several other cryptocurrencies.
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