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The NEM value surged 16 % on Tuesday, defying the bearish development that characterised each different top-tier cryptocurrency.
It was a disappointing day for cryptocurrency traders, as 97 of the highest 100 cash posted single-day declines. However, the NEM value (XEM) not solely resisted this bearish development — it really managed to realize a double-digit share enhance in opposition to the US greenback.
At current, NEM is buying and selling at $zero.44 on Poloniex, which is roughly in keeping with the token’s international common. NEM has a market cap of just below $four billion, which makes it the 11th-largest cryptocurrency based on this metric.
NEM buying and selling quantity is at the moment closely concentrated in Asian markets, with the vast majority of it denominated in fiat buying and selling pairs. South Korea-based Upbit’s XEM/KRW market accounts for just below 33 % of all NEM quantity, whereas Japanese alternate Zaif’s XEM/JPY pair contains one other 26 %.
NEM’s rally has correlated with Japanese cryptocurrency alternate Coincheck’s announcement that it was starting to refund clients who misplaced NEM tokens (XEM) as a results of the January theft that noticed hackers abscond with greater than 500 million XEM.
As CLC reported, these tokens have been price $530 million on the time of the hack, making it the single-largest cryptocurrency theft in historical past, as measured by USD worth. Today, although, these tokens are price simply $225 million at market costs.
However, Coincheck is compensating customers at 88.549 JPY per token (~$zero.83) — almost double the current alternate price — for a complete payout of roughly $415 million. Presumably, most customers will use their refunds to buy NEM tokens, and — given the disparity between the refund value and market value — it’s probably that many will enhance their holdings over what that they had earlier than the hack.
Indeed, this seems to be the case, as Zaif’s XEM/JPY pair accounts for greater than one-fourth of NEM’s international buying and selling quantity.
NEM buying and selling quantity hardly ever eclipses $100 million, so it’s fairly conceivable that the Coincheck payout may place vital upward strain on the NEM value — if traders proceed to inject these funds again into XEM markets, that’s.
Featured picture from Shutterstock.
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