Golem (GNT) and Status Network (SNT) Added to Bitfinex
Bitfinex announced new pairs, along with increasing withdrawal limits to curb the number of transactions.
Bitfinex announced the addition of two more coins to its trading pairs, Golem (GNT) and Status Network (SNT), in pairs against BTC, ETH and USD. It is uncertain if the USD pairing would in fact mean trading against USDT, the token used to add liquidity to the market.
The news of the trading pair additions for now do little to boost the price of the two digital assets, as the general mood of the market remains low. GNT sank back to $0.70 after a peak above $0.90, and SNT hovers around $0.13, still much higher than the recent lows.
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But in the future, margin trading may be enabled for those assets, meaning additional liquidity and a great upside potential for upward bidding. This may also mean extra volatility for the tokens, which still have a relatively low price in USD terms.
In addition, Bitfinex plans to spin off an exchange for Ethereum-based tokens called Ethfinex.
"All SNT trading pairs will eventually be migrated to trade only on Ethfinex once it is fully established," announced Bitfinex, with a similar approach to GNT trading pairs.
Both projects are relatively older ICOs which have been accessible for investing in the past months, but have gone through peaks and troughs in their market price. With 2018 looming, the future of SNT and GNT will also add a boost of liquidity from yet another exchange. For now, Bitfinex stated it would wait to see the organic liquidity before unrolling margin trading.
SNT and GNT have been actively traded, and yet their real-life projects are yet to materialize. Both projects are ambitions- Status Network promises to link mobile devices directly to the Ethereum network, while Golem plans to build a decentralized supercomputer.
Most interesting movement of the hour: #Status Network Token Trade volume changed 36.44% with BTC price 1.06%— Crypto Darwin (@CryptoDarwin) December 27, 2017
The coins are most actively traded against Bitcoin, meaning the ETH-based assets may be lifted or depressed, depending on the Bitcoin market. The effect of Ethfinex may be positive in somehow weakening that connection.