Bitcoin Diamond (BCD) and Binance: A 256% Pump Amid the Global Dump

Bitcoin Diamond (BCD) has bucked the trend of the sudden market downturn that hit on Wednesday morning, recording a spike of 256% for the last twenty-four hours. BCD has a long history of pump and dumps, with three in the last two months alone.

Today’s pump comes camouflaged under the recent Binance listing, announced only hours ago at the time of writing.

Bitcoin Diamond Price Pump

Within the space of two hours starting Wednesday morning the global cryptocurrency market cap was slashed by 7%. Bitcoin took a 5% hit en route to a coin price of $6,997, the lowest since August 30th. The worst hit were the altcoins, with Ethereum losing over 11% in the melee.

Amid this turmoil Bitcoin Diamond’s trade volume shot up 14,730% within the space of five hours, jumping from $917,000 to $136,000,000. That was enough to carry BCD from a coin price of $1.31 to $4.64 – a 256% increase.

As you can see in the image above, a sharp sell-off was initiated at the peak of $4.64, but not in the volume one would expect from a well-executed dump. The coin has since continued to climb, and may be heading for one more peak before the final dump takes place.

The highest concentration of trades comes from the Gate.io exchange, which has handled close to 40% of the action today. Binance has instantly taken second place for volume of BCD trades since opening for business this morning, accounting for 25% of the total.

The rest is spread across multiple exchanges, suggesting that whatever happened on Binance and Gate.io acted as a trigger for the rest of the market. Either that or it’s the same team operating across several exchanges.

BCD Binance Listing

This morning’s tweet from Binance that BCD trading was now open on their platform came as a surprise to many. The only time Bitcoin Diamond has made the news in recent memory has been in relation to pump and dumps, and no one expected its addition to one of the largest crypto trading platforms.

The coin is apparently still being actively developed, and details can be found on the website. But one could be forgiven for assuming the Bitcoin Diamond project had been abandoned, just like the other Bitcoin fork that surged recently.

The reception on Twitter was mixed, with many questioning why BCD was suddenly listed, while a few also celebrated the listing.

Ultimately, withdrawals appear to have been suspended a mere couple of hours after opening on Binance, likely in response to the artificial price pump. Binance’s coin price has been excluded from CoinMarketCap’s readings for the time being, but the action still continues on most other exchanges.

Featured image courtesy of Shutterstock. 

Author:
Greg Thomson is a freelance writer who contributes to leading cryptocurrency and blockchain publications like CCN, Hacked, and others.