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Assets like WhiteBIT tokens are notable simply because they were created by WhiteBIT, one of the most trusted cryptocurrency exchanges. This asset offers many benefits to its owner and holders. There are several categories of token ownership, including those who hold WBT in their main balance (owning) and those who lock it in storage (holdings). Let’s consider both methods.
WhiteBIT tokens are easy to own. You can acquire assets on the exchange and hold them in your main balance. In this way, WBT holders can enjoy discounts of up to 90% on taker fees and up to 100% on maker fees. Tokens held in your main balance are counted in the same way as tokens held.
Advantages of WBT Token:
- Increased referral rate: Users who hold WBT in Holding will receive an increased referral commission percentage.
- Manufacturer fee: Holders are subject to a new maker fee structure that bypasses standard fees (in addition to standard discounts on fees for WBT holders).
- Blockchain fee waivers: Holders have the right to withdraw a certain number of ERC-20 and ETH tokens for free per day.
- Free AML checks: Holders are entitled to a limited number of free AML tests.
What does Bitfinex stand for?
As of June 2023, Bitfinex ranks 8th in CoinMarketCap trading volume rankings. In 2020, Bitfinex executed one of the largest Bitcoin transactions in history, involving 161,500 BTC ($1.1 billion) with a fee of 0.00010019 BTC ($0.68). The exchange has an average daily trading volume of $279 million. The platform supports over 70 different digital assets and 4 fiat currencies including USD, EUR, GBP and JPY. After registration, users will undergo a basic level of authentication, which will allow them to deposit and withdraw cryptocurrencies and gain access to spot and over-the-counter (OTC) markets. The exchange has introduced mandatory two-factor authentication. Advanced KYC levels provide access to margin trading and allow fiat deposits and withdrawals.
IPO Impact on Digital Assets
On May 29, 2020, when Coinbase announced the listing of MKR, its price jumped nearly 40% within an hour, rising from $349 to $478 per coin.
According to analyst firm Coin Metrics, they have spent considerable time studying the impact of listing digital assets on cryptocurrency exchanges. According to their report, the announcement of adding a new token to the cryptocurrency exchange will result in a range of -1% to +14% change in the market value of the asset compared to USD, BTC and ETH. Experts also noted that the news of a listing on an exchange does not significantly affect the overall market trend of the chosen cryptocurrency.
Coin Metrics investigated several assets added to the exchange. Of these, 6 had a negative market value change within 10 days of listing, and 3 had less than 5% asset growth. Analysts estimated the average effect to be +4% over price. Coin Metrics emphasized that the widely held belief that listings on cryptocurrency exchanges have a significant impact on the market value of cryptocurrencies does not fully correspond to reality. A more important factor is the state of the market when adding new assets.
Is WBT choosing the right time?
Now, let’s draw certain conclusions by examining how the value of an asset has changed over the course of a month. Our analysis is based on the CoinMarketCap chart for this month. Comparing the price from May 3rd to May 8th, we can say that the price has fallen, but in the second half of the month (May 9th to May 27th), the price is between $4.55 and $4.70. was stable at As of today (June 2nd), the current price of the WhiteBIT token is $4.90 with a 24-hour trading volume of $13,959,767. WhiteBIT Token is up 5.3% over the last 14 days. Current CoinMarketCap ranking is #2659.
The WhiteBIT token experienced a slight decline compared to similar cryptocurrencies within the Ethereum ecosystem, while the Ethereum ecosystem increased by 12.70%. In terms of potential growth, we have a positive outlook as more than 75% of his users have a favorable opinion of his WhiteBIT Token (WBT).
let’s summarize
The impact of listing a digital asset on a cryptocurrency exchange varies, but studies show that the average impact on market value ranges from -1% to +14%. Market conditions at the time of listing play an important role in determining its impact. It is important to note that listing on an exchange does not significantly affect the overall trend of the cryptocurrency market.
Analyzing the performance of the WBT token over the past month reveals some fluctuations in its value. However, the token has shown stability, experiencing a 5.3% gain over the last 14 days. Although it declined slightly compared to similar cryptocurrencies within the Ethereum ecosystem, there is potential for growth considering over 75% of users’ positive opinion of WBT.
Considering WhiteBIT’s credibility, the benefits WBT tokens bring, and the growth potential, WhiteBIT could be an attractive option for traders and investors. However, as with any investment, it is important to conduct thorough research and consider your individual financial goals and risk tolerance before making any decision.