Onyxcoin (XCN) Plummets 37% Post-Binance Futures Listing as Profit-Taking Accelerates

Onyxcoin (XCN) experienced a sharp 37% price correction on April 16, dropping to $0.0170, as investors cashed in gains following its Binance Futures listing—a classic ’sell-the-news’ scenario common after major exchange debuts.

Onyxcoin Price Dives by Over 37% as Investors Book Profits

The price of Onyxcoin (XCN) has dived significantly, dropping to a low of $0.0170 on April 16. This decline represents a fall of over 37% from its highest point this month. The ongoing decline is attributed to investors selling the news after Binance Futures listed the token. Historically, cryptocurrencies rally after a major exchange listing and then pull back once the listing goes live. Additionally, the network has not made any headlines following last week’s Binance listing, leading some investors to book profits. The total value locked in the Onyxcoin ecosystem has also fallen, with data showing that Onyx currently holds only $123,990 in total assets.

Binance Indicator Signals Potential Bitcoin Trend Reversal

Bitcoin appears to be stabilizing after a volatile period. A crucial indicator from Binance, the largest crypto exchange, suggests buyers are returning to the market. The buyer-seller ratio has reached neutrality at 1.008, indicating buyers are beginning to dominate transaction volumes. This positive development could signal a significant trend reversal in the coming weeks. The soaring transaction volumes on Binance further reinforce this momentum, revealing growing confidence in the flagship cryptocurrency.