December 16, 2019

HEX Plunges 60% on Bitcoin.com After Listing Announce

Bitcoin.com has decided to list HEX on the exchange, despite all the tensions and rumors around the altcoin. The cryptocurrency community already labeled the altcoin as the scam one, as its reputation has decreased gradually.

Toxic Volatility by HEX traders

Bitcoin.com, known by the majority of the cryptocurrency community as an incredulous crypto exchange, decided to list HEX in spite of its status. Moreover, it is not a secret that this cryptocurrency exchange has some connections with Richard Heart, who is a founder of the mentioned altcoin.

In its official statement released by Bitcoin.com, they mentioned that the primary idea was to open more opportunities for HEX traders, as well as investors and regular holders.

This so-called ‘smart’ move by the exchange, which apparently looks normal, led to certain consequences that couldn’t have been ignored by the community of cryptocurrency traders and users.

Now, according to trading data available on the exchange, HEX traders managed to create several deals over the past day, in the total amount of 0.81 Bitcoin ($5,700). This instant trading performance could not remain unseen, as it reduced the overall price of HEX by almost 60%. The main trading pairs were HEX and Bitcoin Cash, and HEX and Ethereum.

The Scam Enrichment for HEX Investors

Recently, HEX already mentioned that its primary purpose to boost investors’ funds by providing them with free tokens. All investors or holders of Bitcoins could get these tokens only after the confirmation of having such funds.

Those, who have no BTC holdings, could buy tokens via Ether (ETH). However, it made the cryptocurrency community to believe that the founder wants to perform another fraud scheme.

Bitcoin.com: The Visible Step-by-Step Reputation Destruction

It is not the first situation that has egg on Bitcoin.com’s face, as the cryptocurrency community already reacted to the fact of the Bitcoin’s marginalization. The exchange focused on boosting Bitcoin Cash trades and deals. 

In a way, it meant that the exchange is supporting the idea of Roger Ver, who strongly believes that Bitcoin Cash has better prospects in terms of trading, investing, as well as buying and selling. However, after the fork, most traders and investors prefer to buy and hold BTC, instead of investing in Bitcoin Cash given that the network has nothing in common with decentralization.

The announce of HEX listing stunned the cryptocurrency community, as many users and traders do not understand the purposes of such an action

Disclaimer

This article is intended as a news item to inform our readers of various events and developments that affect, or that might in the future affect, the value of the cryptocurrency described above. The information contained herein is not intended to provide, and it does not provide, sufficient information to form the basis for an investment decision, and you should not rely on this information for that purpose.

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