Main navigation

This AI Coin Jumps 17% After This Binance Announcement

Wed, 06/21/2023 - 15:52
article image
Gamza Khanzadaev
AI cryptocurrency Numeraire (NMR) skyrockets at double-digit rate on major exchange's explosive announcement
This AI Coin Jumps 17% After This Binance Announcement
Cover image via

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

In a remarkable display of market momentum, the price of Numeraire (NMR), an AI-driven cryptocurrency, witnessed a staggering surge of over 17% in just slightly over an hour. The catalyst behind this meteoric rise can be traced back to the recent announcement made by renowned crypto exchange Binance. In an unexpected move, Binance declared the imminent launch of futures contracts trading for the Numeraire token.

Key Reason Why Bitcoin Just Leaped Toward $29,000

According to reports, Binance will offer NMR futures with leverage of up to 20, with trading set to commence as early as tomorrow. While the exact motivation behind this decision remains unclear, it is worth noting that Numeraire tokens were already available for trading on Binance's spot market. Nevertheless, market observers interpreted this announcement as a definitive signal to buy, leading to a surge in demand for the AI-driven cryptocurrency.

NMR to USD by CoinMarketCap

It is worth mentioning that similar instances of abnormal price spikes have been witnessed in the past, following announcements from Binance. This time, prevailing market conditions further fueled upward momentum, with Bitcoin (BTC) itself experiencing a remarkable 11% increase since the start of the week. The optimistic backdrop surrounding the crypto market likely amplified enthusiasm among market participants to invest in NMR upon hearing the news.

Ripple CTO Schwartz on AI: 'If You Need True Answers, Don't Use It'

What is Numeraire (NMR)?

Numeraire, built on the Ethereum platform, is a platform for developers and data scientists seeking to experiment and construct machine learning models with heightened reliability. With the growing significance of artificial intelligence and big data in today's technological landscape, tokens belonging to this sector have demonstrated significant outperformance throughout the year.

article image
About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.