Breaking: Binance Completes Tron (TRX) and ICON (ICX) Token Swaps
In a brief announcement only a few hours ago, the team at Binance announced that the exchange has simultaneously completed the Tron (TRX) and ICON (ICX) MainNet token swaps on its trading platform. The full announcement stated that:
Binance has completed the TRX and ICX mainnet swaps. Deposits and withdrawals for TRX and ICX are now open.
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Justin Sun would also announce the development in the following tweet.
With respect to Tron (TRX), the list of crypto exchanges that have completed the token migration and are allowing for the deposits and withdrawal of TRX, is currently as follows:
Ethereum World Newshad earlier indicated that the Tron (TRX) token migration on Binance would be complete sometime this week.
Now that the deposits and withdrawals of TRX and ICX have resumed on Binance, crypto traders can now retrieve their digital assets and put them back in cold storage as is the plan with many HODLers. What this will inadvertently accomplish, is the reduction of the available tradable supply of both coins in the exchanges as each HODLer stashes their investments in wallets and hardware devices. The amount of TRX and ICX available for trading will reduce creating an increase in the price of both digital assets as traders continue creating a demand for them.
The resumption of deposits and withdrawals of both TRX and ICX on Binance is welcome news given that the current crypto-market conditions continue to be that of volatility. The total crypto market capitalization has dropped by $20 Billion in 24 hours to the current levels of $254 Billion.
As a result of the current market environment, both TRX and ICX have dropped by 8.60% and 10.97% respectively in the last 24 hours. TRX is trading at $0.033 at the moment of writing this and ICX at $1.50. With Binance completing the token migration of both assets, the now available liquidity will assist in the upward mobility of the value of both cryptocurrencies.
Disclaimer: This article is not meant to give financial advice. It is an opinion piece. The opinion herein should be taken as is. Please carry out your own research before investing in any of the numerous cryptocurrencies available.