The cryptocurrency market is often awash in red, reflecting a general trend of declining prices. However, certain tokens manage to defy the trend, demonstrating remarkable growth. One such example is QuickSwap (QUICK), which experienced a significant price surge following a crucial announcement from Binance, the world’s largest cryptocurrency exchange.
Binance Lists QUICK on Futures, Altcoin Price Skyrockets!
As reported by Kriptokoin.com, the overall Bitcoin and altcoin markets are experiencing a downturn, with selling pressures mounting. Bitcoin, the leading cryptocurrency, has dipped below the $56,000 mark, and most altcoins are trading in the red. Nonetheless, QuickSwap (QUICK) has managed to buck this trend, thanks to a recent listing on Binance’s futures market.
Binance made the following announcement:
Dear Binance users, Binance Futures will launch the QUICKUSDT Perpetual Contract with leverage of up to 75x on 06.09.2024 at 08:00 on Binance Futures to expand the list of trading options offered on Binance Futures and improve users’ trading experience.
Following this announcement, the price of QUICK saw a dramatic increase. The altcoin soared from its intraday level of $38.21 to a peak of $46.13. Even amidst a predominantly red market, QUICK continues to perform exceptionally well, trading at $43.72 at the time of writing, marking a 13.5% daily increase. The token’s trading volume has also surged by an impressive 238%, indicating strong interest from investors and traders alike.
CZ Will Never Run the Exchange Again!
In related news, Binance CEO Richard Teng has confirmed to Axios that Changpeng Zhao (CZ), the disgraced founder of Binance, will never return to lead the company. The U.S. Department of Justice (DOJ) has permanently banned Zhao from running Binance. Initially, some experts speculated that the ban might be temporary, lasting only a few years.
The court found Zhao guilty of facilitating money laundering and violating U.S. sanctions. As a result, Zhao agreed to step down as the CEO of Binance and pay a hefty fine of $50 million. Additionally, he was sentenced to four months in prison in April. Initially held at a low-security federal prison in Lompoc, California, Zhao was later transferred to a halfway house. This institution provides educational, social, and psychiatric services to individuals before they reintegrate into society. Zhao is expected to complete the remainder of his sentence there and be released by the end of September.
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