Binance Supports IoTeX (IOTX) Network Upgrade and Hard Fork, Triggering Price Surge

• The world’s leading cryptocurrency exchange, Binance, has officially announced that it will support the network upgrade and hard fork of the IoTeX (IOTX) token.
• Following the announcement, the price of the IOTX altcoin experienced a sudden surge, attributed to bots that follow and react to Binance announcements.
• Binance confirmed that deposits and withdrawals for IoTeX would be paused on 22nd July 2024 from 02:00 AM (UTC+3) and are expected to resume about 65 minutes later, at 03:05 AM.

Binance supports IoTeX’s network upgrade, prompting a sharp rise in IOTX altcoin. Understand the implications of this strategic move and its potential market impact.

Binance Endorses IoTeX Network Update and Hard Fork

In a significant move within the cryptocurrency sphere, Binance has declared its support for IoTeX’s impending network upgrade and hard fork. This development was confirmed in an official communication by Binance, wherein the exchange detailed its plan and timeline for halting and resuming IOTX transactions. Scheduled maintenance will commence on 22nd July 2024 at 02:00 AM (UTC+3), and normal operations are expected to resume 65 minutes later.

Price Surge Attributed to Bot Activities

Market reactions to the announcement were swift, with the IOTX token’s price experiencing a notable uptick. This sudden price increase, despite the upgrade not being particularly bullish, is largely attributed to trading bots programmed to execute buy orders following Binance’s positive news. Such automated trading strategies can significantly impact short-term price action, often resulting in sharp, albeit temporary, movements.

Operational Measures During the Upgrade

To facilitate the network upgrade, Binance will temporarily suspend deposit and withdrawal services for IoTeX. This planned outage will begin at 02:00 AM (UTC+3) on July 22, 2024, and is expected to last approximately 65 minutes. During this interval, Binance assures users that trading of IOTX will remain unaffected. The prompt resumption of deposit and withdrawal services at 03:05 AM highlights Binance’s commitment to minimizing disruption and maintaining high service standards.

Insights on Exchange Practices and Policies

While most cryptocurrency exchanges, including Binance, typically support network upgrades and hard forks, there are notable exceptions. Coinbase, for instance, often does not support tokens undergoing significant network changes or migrations to new blockchains. This variance in policy can sometimes lead to the delisting of affected assets on such platforms. Consequently, traders and investors need to stay informed about the specific policies of their chosen exchanges to navigate these developments effectively.

Conclusion

Binance’s decision to support IoTeX’s network upgrade reinforces its position as a leading exchange that prioritizes technological advancements and user convenience. The immediate market response underlines the crucial role that exchange announcements play in influencing token values. As the cryptocurrency ecosystem continues to evolve, such proactive measures by exchanges enhance operational reliability and investor confidence, paving the way for more dynamic market interactions and technological progress.