Another day in the world of cryptocurrency and altcoins, which means another development in the ongoing story involving the BlockNet ITO sale. The ITO sell wall on Poloniex has been removed by the BlockNet team, but it will remain up at the Bittrex and Bter exchanges until the end of the ITO.
There are several reasons why the BlockNet team removed their sell order from the Poloniex exchange. First of all, due to some miscommunication on both sides, Poloniex has always been the only exchange to allow for open trading of BLOCK , whereas other exchanges had prohibited these actions so the coins would not be traded under the market value.
Speaking of trading BLOCK ITO tokens below the market value, the BlockNet team feels there is no point in doing so. If the ITO doesn’t accumulate the minimum amount of funds required, refunds will be given at the price BLOCK was purchased at anyway.
Removing this sell wall on the Poloniex exchange will also allow for the BLOCK price to stabilize before the ITO is over in a few days. As of right now, you can purchase BLOCK at the price of 23,499 Satoshi per token, which is 1,501 Satoshi below the market value. By limiting the amount of freely tradeable coins, prices should move closer to 25,000 Satoshi again.
Even though the sell wall on Poloniex has been removed, there are other places where you can still buy BLOCK at the actual market value. Both Bittrex and Bter still have the sell walls present, and with only a few days left on the ITO, time is slowly running out for investors.
As a reminder, once the BlockNet ITO sale is over, Bittrex will put up a “refund” wallet for 48 hours, where people can sell back their ITO tokens if they wish to do so. During this time, no BLOCK can be be deposited from outside the Bittrex exchange, so buying up cheap tokens on Poloniex now to sell on Bittrex later is not going to work.
One of the questions I ask myself is where the funds from the Poloniex sell wall are going to now.Will they be held in cold storage, or are they going to be destroyed? I’m sure we will get an answer to this question over the next day or so. Keep in mind I’m asking these questions out of sheer curiosity, and not as an attempt to spread any FUD.