A newcomer to the market for Bitcoin and altcoins had an interesting opening day with trading volume remaining quite low. Here are the details…
The opening of the Bitcoin exchange was sluggish
The new exchange platform OPNX, founded by Su Zhu and Kyle Davie of Three Arrows Capital, seems to have had a stagnant opening day with the FLEX token losing 30 percent of its value at one point. According to the official announcement by the exchange, the exchange had a sluggish performance on its first day of activity, with 24-hour trading volume for spot and futures only reaching $13.64. News outlets had previously reported that OPNX’s trading volume in the first 24 hours was just $1.26. However, OPNX promptly corrected this information. As of now, the OPNX Twitter account has disappeared.
Autism Capital, an account with more than 200,000 followers, made a sarcastic comment about the situation, describing the exchange as “a scam market started by scammers to exchange money, possibly from other scammers, and then suspended from Twitter for violating the rules.” described. “The idea of a scam market is such a brilliant crypto that we don’t even know what to say. Wonderful. Bravo. Fabulous,” expressions were used.
cryptocoin.com As we reported, OPNX is the latest product from the leaders behind Three Arrows Capital (3AC), which went bankrupt as a result of the cryptocurrency crisis in 2022. Zhu Su and Kyle Davies, along with the other two founders of CoinFLEX, founded OPNX to operate in the market for trading crypto asset claims from bankrupt companies such as FTX, Genesis, Celsius, Voyager, BlockFi and 3AC.
FLEX token also lost value
According to the final restructuring plan, CoinFLEX and FLEX token were transferred to OPNX. On April 4, the exchange was officially launched and distributed tokens to its users. However, the FLEX token has consistently lost value over the past 24 hours, dropping almost 30 percent at one point and currently trading at around $1.75. In the meantime, it should be noted that the “tokenized bankruptcy claim” feature, which is claimed to allow users to cash out various crypto-related requests from bankrupt platforms, is not yet live.
The launch of OPNX was met with mixed reactions; while some expressed doubts about the legitimacy of the platform, others saw it as an opportunity to trade distressed assets. The cryptocurrency market is volatile and unpredictable, and the launch of OPNX highlights the potential risks involved in trading on new and untested platforms.
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