Shortly after Tezos’s Mainnet announcement, traders and bots found Tezos listed on Bitfinex. According to various sources, the coin was active almost immediately, with unknown investors selling it instantly. Bitfinex’s announcement came a few hours later, stating the XTZ addition to the platform through a tweet.
Hours After Mainnet Launch, Tezos Listed on Bitfinex
Only a few hours had passed since Tezos’s announcement regarding the Mainnet release before its coin found itself within Bitfinex. The self-governed network did not announce any particular plans for implementation of different platforms. Thus, it came to traders’ surprise that the XTZ cryptocurrency is now on Bitfinex’s market.
Several reports stated that shortly after the entry to the platform, several unknown accounts sold the crypto. During the day, Bitfinex announced the addition of the XTZ crypto through a tweet. This confirmed the suspicions.
— Bitfinex (@bitfinex) September 17, 2018
According to the social media statement, Bitfinex implemented two trading pairs for Tezos, against BTC and USD. Margin lending functions are a part of the plan too, should market liquidity reach adequate levels. These pairs have the potential to shift XTZ from Tether trade to bitcoins and USD. Currently, through Gate.IO and HitBTC, 50% of Tezos trade accounts for the USDT pairing.
The Impact on XTZ’s Value
As soon as Tezos found its way into Bitfinex, large sell-outs occurred. As a result, the value of the coin dropped by more than 60%. On the other hand, the sales figures on the Bitfinex side rose by 20% almost instantly as well. The overall value of Tezos trade rose towards $7.4 million, signifying increased interest.
Thus, many pundits believe that even though a large number of sell orders did have an adverse effect, the long-term stance changed for the better. Entry to a giant platform such as Bitfinex might push other exchanges and trade websites to include XTZ as well. Consequently, the popularity of the coin, as well as its value, would increase, which would make up for the initially lost value.