To celebrate the addition of MCO/USDT on Binance.com, Binance has partnered with Crypto.com to give away $100,000 in MCO when you participate during the competition period. The competition period starts today, 20 Nov 2019 9am UTC to 27 Nov 2019 12am UTC. There are three promotions during this period :
Promotion A: 10% Lifetime Trading Fee Discount For New Registered Users
Promotion B: Trade MCO to Win 60,000 USD in MCO Tokens
Promotion C: Exclusive benefits for Binancians to Split $40,000 in MCO Tokens
For the T&C, check out Binance's official announcement here.
This announcement was surprising, considering CDC just launched its own exchange (which is in beta now) and might be seen as competition for Binance. Nonetheless, this is great and exciting news, and might perhaps finally answer the age old question for MCO HODLers, "When Moon?". That is to say, as long as MCO follow the basic economics model of demand and supply (hint: it is doing so). Such a competition with a large guaranteed reward pool will surely entice many new users, and this mass onboarding of adoption will lead to a huge increase in demand. $100,000 of MCO being given out will also drain up the already decreasing circulating supply pool of MCO, leading to a huge reduction in supply. Basic demand and supply analysis indicates a rise in price, which is the key underlying tokenomics of MCO (one which is simple and easy to understand) and explains why there are MCO HODLers (or shills?) like me.
As you may or should already know, Bitcoin broke below the $8400 support yesterday and even teased a break below $8000, before stabilizing and hovering between $8100 and $8000 now. As per norm, the total crypto market cap also dropped accordingly. So how did MCO react to the Bitcoin dump? Well, it held up just fine and even reached a high of around $4.70 today, not seen before since 4 months ago, in July. The price of MCO slowly rallied up today and reached the $4.70 mark as mentioned earlier before facing resistance at $4.40, and is now hovering around $4.33. $4.40 is where it is known to face the most resistance. Though the price of MCO did drop a little initially, it was only a small dump, compared to the big hits Bitcoin and Ethereum took. Even BAT with strong fundamentals and developments in place couldn't take the hit and fell far back to prices not seen before since weeks or more than a month back, before the release of Brave Rewards on iOS, and far from the prices it reached recently when Brave 1.0 launched.
Cards already reached parts of APAC this week, Australia, Hong Kong and Philippines to name a few. This major Binance announcement together with that may explain why MCO is able to survive this "blood on the streets" situation we are in right now and remain unaffected and having its own price action. Will Crypto.com's continual developments and the strong underlying tokenomics of MCO untie MCO to the price action of Bitcoin eventually? Well, the MCOBTC pair ratio has only been increasing since August till now and will only surely increase. A key price to look at is the $4.40 level and see whether we can close the week above it. If MCOUSD manages to hold support at this level or even increase as cards continue being rolled out in APAC, it will be a very clear signal of an eventual huge rally, heading towards the release of Europe cards in January.
Regardless of this price speculation and news development, MCO is my choice of Altcoin and with this Binance promotion, you should sign up and get your MCO Visa Card now!
*To find out more about the MCO Visa Card, click here.
*To find out more about BAT and Brave, click here.
*Disclaimer: Whatever price action discussed here is just mere speculation on my part, I AM NOT a crypto or trading or financial expert. Just a Crypto Enthusiast sharing my thoughts. Invest at your own risks and always DYOR!!
Thanks for reading :)
