Immutable X tokens sell out fast on Coinlist; Binance restricts Singapore’s users; Bitcoin meets resistance

Immutable X, an Aussie-built layer 2 scaling solution for Ethereum, has conducted another restricted sale on the CoinList token-listing platform, selling out in under an hour and raising over US$12.5 million.

It’s apparently a record number of registrants for a Coinlist token sale, with more than 720,000 interested parties. Of those, however, only about 25,000 were actually able to make purchases, due to frothy demand.

Immutable X is a project attracting a lot of buzz in the cryptoverse, having recently raised US$60 million in a series B funding round led by Bitkraft Ventures, King Rival Capital, Galaxy Interactive and Alameda Research

Set to integrate with big NFT marketplaces, including OpenSea and the Mark Cuban-backed Mintable, Immutable X is viewed as an NFT and crypto game changer.

Its IMX token will help Immutable X in its overall utility to provide gas-free minting and trading, as well as giving holders yield-earning staking options and protocol governance voting rights.

Unfortunately, for Australian investors, they, along with those in the US, Canada, Hong Kong and China, weren’t able to register for the sale due to “regulatory uncertainty“.


Binance restricts services in Singapore

The Binance global crypto exchange’s wind-back of services has moved to another country.

As per an announcement today, from October 26, Singaporean Binance users will no longer be able to access several options on the exchange, including: fiat deposits, crypto spot trading and purchasing crypto through fiat and liquid-swap channels.

So pretty much everything a casual Singaporean crypto buyer would want to use the exchange for, then.

“Our aim is to create a sustainable ecosystem around blockchain technology and digital assets,” reads the Binance announcement, “and we hope that such efforts will help the industry grow in the local market in the long-run.”

Earlier in September, the Monetary Authority of Singapore (MAS) warned that the exchange is unlicensed in the country and may be in breach of the nation’s Payment Services Act.

Binance has been copping increasing regulatory scrutiny worldwide for much of the year and most recently, has been forced to halt some of its services in countries including Australia, the UK, Japan, Malaysia, Italy and the Cayman Islands.

It’ll be interesting to see how countries continue to approach Binance given its more conciliatory approach to global regulation in general, such as the adoption of more stringent KYC (know your customer) procedures and the removal of derivatives trading activities in some jurisdictions.


Mooners and shakers

At the time of writing, Bitcoin seems to be bound in a low-40K range with strong resistance just above US$44K. After hitting a 24-hour high of US$44,388, BTC is currently changing hands back down at US$43,320.

The entire market cap is still managing to keep its head above the US$2 trillion level, for the moment.


Ethereum (ETH), is also holding a psychological support level – US$3K. And certain go-to technical analysts remain particularly bullish on the asset.

Moving up and down the market cap charts, some of the biggest winners in the past 24 hours include the decentralised crypto exchanges: Woo Network (WOO) +48.22%; IDEX (IDEX) +34.29%; Derivadex (DDX) +18.71; and the Avalanche-based Trader Joe (JOE) +13.49%.

Other DEXs, such as dYdX (DYDX), FutureSwap (FST), and the main player in this sub-sector, Uniswap (UNI) have also had impressive double-digit surges in the past 24 hours, but have pulled back again at the time of writing.

The surge in DEX volume, activity and native token prices, can perhaps be attributed to China’s latest crypto crackdowns and big exchanges such as Huobi and Binance barring Chinese national users from their platforms.

It seems that where there’s a will, there’s always a way for crypto traders…

Some top, and notable coins having mild-ish pullbacks at press time include: Tezos (XTZ) -9%; Cosmos (ATOM) -8.03%; and Celer (CELR) -7.55%; Decentraland (MANA) -6.55%.


Also making news: ‘Side-eyeing Chloe’, ETH mining; Bitfinex

• The “Side Eyeing Chloe” meme has sold at auction (by the girl’s parents) as an NFT. It went for 25 ETH (about US$76K), bought by Dubai music producer 3F.

SparkPool, the second-largest Ethereum mining pool, based in China, is suspending all operations as part of China’s continued crypto crackdown.

Bitfinex has somehow managed to make a US$23.7 million ETH gas-fee error in a single US$100,000 USDT transaction. That’s got to be a gas-fee record.

Jamie Dimon, CEO of global investment bank giant JP Morgan, is back on the Bitcoin-FUD train, comparing it yet again to 384-year-old tulip mania.

• Cardano’s commercial arm, Emurgo, is investing US$100 million to finance DeFi-related crypto startups on the number three blockchain by market cap.




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