{"id":34202,"date":"2025-01-08T17:33:29","date_gmt":"2025-01-08T17:33:29","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=34202"},"modified":"2025-01-08T17:33:29","modified_gmt":"2025-01-08T17:33:29","slug":"important-binance-announcement-affecting-numerous-altcoin-traders","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=34202","title":{"rendered":"Important Binance Announcement Affecting Numerous Altcoin Traders"},"content":{"rendered":"

TL;DR<\/strong><\/p>\n

Binance\u2019s delisting announcement has been followed by double-digit price declines for the affected assets.<\/span>
\nIn contrast, the company\u2019s addition of new trading pairs often leads to significant price surges, as seen with numerous altcoins in the recent past.<\/p>\n

<\/a><\/span><\/h2>\n

The Delisting Spree<\/h2>\n

The world\u2019s largest cryptocurrency exchange <\/span>decided to remove<\/span> several margin trading pairs from its platform. According to the official <\/span>announcement<\/span><\/a>, LIT\/BTC, NULS\/BTC, SFP\/BTC,<\/span>\u00a0<\/span><\/strong>BEL\/BTC, LIT\/BTC, LSK\/BTC, NULS\/BTC, and SFP\/BTC will become unavailable to clients <\/span>from January 16.<\/strong>\u00a0<\/span><\/p>\n

\u201cEffective immediately, users will no longer be able to transfer any amount of assets of the <\/span>aforementioned pair<\/span>(s) via manual transfers and Auto-Transfer Mode into their Isolated Margin accounts. <\/span><\/p>\n

If users hold outstanding liabilities of said tokens, <\/span>these users<\/span> may only manually transfer up to the amount of liabilities of that token into their Isolated Margin accounts, less any collateral already available,\u201d the company explained.<\/span><\/p>\n

Additionally, Binance will <\/span>delist<\/span><\/a> the spot trading pairs AXL\/FDUSD, C98\/BTC, and ENJ\/ETH <\/span>on January 10<\/span>. The company periodically conducts such amendments \u201cto protect users and maintain a high-quality trading market.\u201d It <\/span>takes several factors into consideration<\/span> when removing trading pairs, including poor liquidity and trading volume.<\/span><\/p>\n

Withdrawing support from a major crypto exchange like Binance typically <\/span>has a negative effect on<\/span> the prices of the affected digital assets since it causes reputational damage and limited accessibility (among other setbacks). <\/span>Literally, all involved cryptocurrencies<\/span> in the delisting efforts have headed south in the past 24 hours, with many experiencing double-digit declines.<\/span>\u00a0<\/span><\/p>\n

It is worth noting that the correction of the broader digital asset market could have also contributed to their poor performance. Recall that Bitcoin (BTC) soared above $102,000 on January 7, but several hours later, it nosedived by more than seven grand. <\/span><\/p>\n

Currently, it trades at around $95,500, while Ethereum (ETH) plunged below $3,400. The crash <\/span>resulted<\/span><\/a> in over $700 million in liquidations, as approximately 90% of the wrecked traders had opened long positions.\u00a0<\/span><\/p>\n

The Opposite Effect<\/span><\/h2>\n

Besides removing certain trading pairs, Binance <\/span>also<\/span> often adds new ones to respond to ongoing market trends and enhance its services. <\/span>The<\/span> involved cryptocurrencies usually witness a substantial price resurgence <\/span>following those actions<\/span>.<\/span><\/p>\n

Such was the case in November last year when<\/span> the company <\/span>listed<\/span><\/a> Cow Protocol (COW) and Cetus Protocol (CETUS).<\/span> Both<\/span> assets saw their valuations <\/span>skyrocketing<\/span> by 70% <\/span>shortly after the disclosure<\/span>.<\/span><\/p>\n

Several weeks ago, the meme coin <\/span>launched on the BNB chain \u2013<\/span> Simon\u2019s Cat (CAT)<\/span> \u2013 <\/span>also pumped significantly.<\/span> This<\/span> happened mere hours after Binance <\/span>included<\/span><\/a> it in its\u00a0HODLer Airdrops Portal.<\/span><\/p>\n

The post Important Binance Announcement Affecting Numerous Altcoin Traders<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

TL;DR Binance\u2019s delisting announcement has been followed by double-digit price declines for the affected assets. In contrast, the company\u2019s addition of new trading pairs often leads to significant price surges, as seen with numerous altcoins in the recent past. The Delisting Spree The world\u2019s largest cryptocurrency exchange decided to remove several margin trading pairs from […]<\/p>\n","protected":false},"author":0,"featured_media":34203,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-34202","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/34202"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=34202"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/34202\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/34203"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=34202"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=34202"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=34202"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}