Iconomic [ICN], Bytecoin[BCN], ChatCoin [CHAT], and Triggers [TRIG] Dump Amid Delisting

Analysis of Iconomi [ICN], Bytecoin [BCN], Triggers [TRIG], and ChatCoin [CHAT] after delisting from Binance. All suffer a sharp decline, and we examine some of the risks inherent in Altcoins.

The prices of projects are often at the whims of investors and traders. Prices move based on expectations from those participating in the market. But oftentimes, prices are subject to the decisions of larger institutions who play a key role in the markets.

Binance, the largest exchange by trading volume, has made the decision to delist four of the projects from its exchange. All of the projects have dumped on the delisting news. The projects include Bytecoin, ChatCoin, Iconomi, and Triggers.

Projects Delisted Source- Twitter

All four of the projects have fallen sharply on the news. Bytecoin has dropped almost 20% over the past 24 hours while ChatCoin has dropped over 25%. The hourly charts below show the sharp depreciation.

Bytecoin (Left) and ChatCoin (Right) Hourly Charts – Source: Tradingview.com

Iconomi has held its value better than its three peers after the news announcement with an approximate 10% decline over the past 24 hours. However, Triggers has fallen the most sharply with around a 37% decline over the past 24 hours. The hourly charts below show the fall in the price of the projects.

Iconomi (Left) and Triggers (TRIG) Hourly Charts – Source: Tradingview.com

The news of the delisting represents one of the key risks with altcoin projects. Investors holding the project do not have any time to react after the news as the project begins to fall sharply straight away. The only investors and traders who will have a chance of exiting will be those with algorithms programmed. There is also a knock-on effect that makes it more likely for more exchanges to delist the project after the market-leading exchange Binance have done so.

Each exchange which delists the projects cuts a key source of capital from the project. This is one risk which Bitcoin does not face as it is listed on every exchange and acts a key gateway into altcoin project. Although Bitcoin does not always outperform in rising markets, it has held its value better during declining markets. Bitcoin is not as exposed to the decisions of governments and institutions as much as altcoins are.

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