IOTA price: Cryptocurrency gains listing on Shanghai-based exchange

The digital coin loses nearly 4% over the past 24 hours, as market activity remains subdued despite Binance’s support

IOTA price: Cryptocurrency gains listing on Shanghai-based exchange

IOTA, the ninth-largest digital coin on the market, has gained a listing on the Shanghai-based cryptocurrency exchange Binance, it has been reported.

The news was announced last week in a brief update on Binance’s website and a subsequent press release, provided to media outlets, including News BTC.

“We are happy to see another one of the world’s largest and rapidly growing exchanges list IOTA. In order to grow adoption of the IOTA platform we need easy access to it for as many as possible, Binance with its recent success serves this role well,” the founder of IOTA, David Sønstebø, commented on the development.

At the moment, it’s not clear whether the listing would have a significant impact on IOTA, given China’s regulatory action against initial coin offerings and cryptocurrency exchange trading in the country. Recent reports suggest that Binance is among the trading platforms that will be affected by the crackdown. While those exchanges will most likely retain their trading operations outside China, the exclusion of China-based customers will reduce IOTA's chances of attracting new investors through the platform.

Nevertheless, the listing is good news for IOTA, as the coin has so far attracted limited support from cryptocurrency exchanges. A look at the cryptocurrency’s trading volume reveals that less than $13 million worth of IOTA tokens have exchanged hands over the past 24 hours, with more than 90% of trading taking place on Bitfinex. Binance captures just over 7% of the trading volume, mainly thanks to its IOTA/BTC offering.

In today’ trading, the IOTA price stood at $0.575, as of 14:26 BST, down from yesterday’s close of $0.61. According to data from cryptocurrency tracker Coinmarketcap, the digital coin has lost 3.8% over the past 24 hours.

0 Brokers added for comparison:
Clear all