Low-Cap Altcoin BANK Skyrockets After Binance Futures Listing!

Low-Cap Altcoin Surges Following Binance Futures Listing

According to The Daily Hodl, the low-cap altcoin Lorenzo Protocol (BANK) experienced a significant price surge after Binance, the world’s largest cryptocurrency exchange by trading volume, announced its listing for perpetual futures. The token, which focuses on decentralized finance (DeFi) for Bitcoin liquidity, launched on April 18th on the BNB Chain. On the same day, its price skyrocketed from $0.03 to a peak of $0.057, before retracing to $0.044, marking a 13% decline in the last 24 hours.

Binance now offers BANK/Tether (USDT) perpetual contracts with up to 50x leverage. Lorenzo Protocol aims to provide Bitcoin holders with opportunities to stake their assets and earn yields through DeFi platforms. The altcoin currently has a market capitalization of $18.85 million.

“Lorenzo is the Bitcoin Liquidity Finance Layer. With the global adoption of Bitcoin growing, there is a significantly higher demand for Bitcoin liquidity,” states the official website of Lorenzo Protocol.

Key Takeaways:

Launch price: $0.03; peak price: $0.057; current price: $0.044.
Market cap: $18.85 million.
Binance offers up to 50x leverage for BANK/USDT perpetual contracts.

Bitget Addresses Abnormal Token Trading

TradingView reports that crypto exchange Bitget has taken action following unusual trading activity involving the VOXEL token, which is tied to the blockchain-based game Voxie Tactics. The token’s trading volume briefly surpassed that of Bitcoin, raising concerns about market manipulation. Bitget’s internal investigation revealed that certain accounts may have engaged in manipulative practices, leading to extreme price fluctuations in VOXEL futures contracts.

In response, Bitget suspended trading, deposits, and withdrawals for the flagged accounts. The platform assured users that funds remain secure and unaffected accounts continue to operate normally. Bitget is also working to reverse trades linked to the anomaly and plans to compensate affected users. VOXEL, ranked 723rd by market capitalization, has surged over 300% in the past week, but its sudden activity highlights the risks of trading low-liquidity assets.

Key Takeaways:

VOXEL trading volume briefly surpassed Bitcoin’s.
Bitget suspended flagged accounts and initiated trade rollbacks.
VOXEL surged over 300% in one week.

Strategy Acquires 3,459 Bitcoin Amid Market Expansion

Crypto News reports that Strategy, formerly known as MicroStrategy, has added 3,459 Bitcoin (BTC) to its holdings, spending $292 million. This purchase brings the company’s total Bitcoin holdings to 531,644 BTC, valued at $45.07 billion. The acquisition price for this latest batch was $82,618 per Bitcoin.

In other developments, Kraken has expanded its offerings to include commission-free stock and ETF trading in select U.S. states. Additionally, the platform launched foreign exchange perpetual futures contracts for GBP/USD and EUR/USD with up to 20x leverage. Meanwhile, the SEC has closed its investigation into the CyberKongz NFT project, which plans to rebrand following the regulatory closure.

Key Takeaways: