By James Davies
The value of Rocket Pool has slumped 17.1% in the past 24 hours as fears of insider trading coincide with the announcement of the currency’s listing on crypto exchange Binance.
Just 10 minutes prior to the announcement, an unknown wallet holder bought 6,193.46 RPL tokens, selling them immediately after the announcement and raking in $55,400 profit.
The rapid scooping up and offloading of the currency saw its value suffer wildly and prompted calls for investigation.
Binance keeps a close eye on insider trading, with the company claiming that all employees are bound by a 90-day hold on investments and leaders obligated to report trading activity every quarter.
Elsewhere, the biggest 24-hour riser is Kava, which is enjoying its best week since 9November with a value jump of 10.59%.
This bump comes alongside an announcement of its listing on Coinbase, something that has inspired confidence in new and old investors alike.
But not all is smooth with Kava, with the launch of upgrade Kava 12 pushed back once again, this time to the 25 January, giving rise to questions as to what could be behind the continual delays.
Market leader Bitcoin, meanwhile, is seeing a resurgence thanks to slowing U.S. interest rates and hopes that the Federal Reserve could reverse its rate hiking policy.
The past 24 hours have seen the leading cryptocurrency lose 2.1% in value, but the overall trajectory is still one of growth, with its market cap sitting above the $21,000 mark following its 2022 low of $15,883.
The overall trend of growth comes to many as a sign that the market has passed the worst of the fallout from the FTX collapse.
The post Crypto market news today: Why Rocket Pool is down 17.1% in last 24 hours as Bitcoin moves -2.1% appeared first on CityAM.
