Will this be a week of Binance U.S. exit pumps?
As the altcoin market cap continued to hemorrhage throughout Saturday, a few outlier pumps managed to get the crowd’s attention. Other than defying market-wide trends, these pumps appear to share another curious common denominator - Binance.
Let’s start with BRD, whose recent 38% spike landed it in the middle of our top emerging trends. Clearly, it doesn’t take an expert to figure out something seems off with Bread’s recent price action:
And while the rally was welcomed with open arms on crypto social media:
Nobody seems to have any clue as to what exactly spurred the uptrend:
In absence of actual price-moving news, some in the Twitterverse have put forward an interesting theory worth keeping an eye on: that this rally is the first in a series of exit pumps caused by the upcoming Binance-imposed ban on US visitors:
A bit of context: back in June, Binance announced its plans to launch a U.S.-based exchange in the coming months. As a result, the company gave its existing American customers a grace period of 90 days, after which they will effectively be unable to deposit funds to the site or make any trades.
The grace period is set to end on September 12, after which the world’s biggest exchange will officially close its doors to American money. And while a US-based site is in the works, CZ recently mentioned that it’ll take ‘a couple of weeks’ before it will be open for business.
Given the looming deadline, some in the community believe the BRD rally to be the first - and likely not the last - exit pump caused by the US exodus from the exchange:
Another rally mentioned in connection to potential Binance exit pumps is SINGLS, whose 1-week graph (especially its volume) looks eerily similar to that of Bread:
As we approach the September 12th deadline, the theory seems to be picking up some steam in the social cryptoverse:
Meanwhile, BRD has been in freefall throughout Sunday, already losing almost all of its’ pre-pump gains. If this was indeed a Binance-related exit pump, is it now over? Will there be more? Watch this space.