Reborn Bithumb Ignites Price of Waltonchain (WTC), IoT Chain (ITC) with Listing Announcement

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Fresh off a month-long hiatus from onboarding any new user accounts to its cryptocurrency trading platform, Bithumb has swiftly reminded the crypto community of just how much sway their listing announcements have over market prices.

Indeed, Friday (KST) saw Bithumb – one of South Korea’s leading digital asset exchanges – announce their decision to list Waltonchain’s WaltonCoin (WTC) and IoT Chain’s IOT Onchain Token (ITC); crypto projects whose respective teams and communities reside almost exclusive in the Asia-Pacific region.

Not only do Waltonchain and IoT Chain overlap geographically, but conceptually, too. Both are very much out to attract enterprise-level clientele in the emerging internet-of-things (IoT) sector. The two are not duplicates of one another, however, and given the wide-ranging applicability that IoT promises moving forward, one would expect the two can co-exist.

Thoughts that Bithumb would struggle to reclaim its status as a top-tier crypto exchange after having endured a crushing ~$31 million hack in June were quickly quashed after Friday’s dual-listing announcement.

With the prices (USD) of Waltonchain’s WTC and IoT Chain’s ITC rising by roughly 25 percent and 45 percent, respectively, just hours after Bithumb’s announcement, it became apparent that the crypto investing community still considered listing news out of the South Korean exchange as being incredibly price-sensitive.

Bithumb also unveiled a celebratory listing promotion for its customers. Such an event is common practice for the exchange and is partly why it has grown so popular that, despite the incredibly costly June hacking incident, it still managed to record a 1H18 profit of approximately 39.34 billion Korean won (₩), or, $35.3 million – according to analysis from
South Korean news agency, Yonhap.

The promotion offers Bithumb customers a 1% payback on all WTC and ITC deposits and trading. Importantly, users must deposit their WTC and/or ITC to the deposit addresses detailed in Bithumb’s promotional page.

For deposits, the relevant period is from the time these deposit addresses open until midnight on September 2 (UTC+9). As for trading, the relevant timeframe is from the point when Bithumb lists WTC and ITC until midnight on September 6. The reward date is not until September 21.

Image From Shutterstock

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