NewsletterAVAX And MATIC Under Pressure After This Key Move By Binance
Highlights
- Binance delists AVAX and MATIC’s TUSD spot trading pair.
- The exchange cited liquidity and other related concerns.
- AVAX is down 4.79% at press time in the last 24 hours.
AVAX and MATIC have recorded slight price pressure after crypto exchange Binance moved to delist the asset’s TUSD trading pairs. The company revealed its latest round of spot trading audits and announced the removal of three cryptos from TUSD and BTC pairs respectively. These events are known to swing the price of assets due to market volatility.
Binance Delists AVAX and MATIC’s TUSD Trading Pair
In a July 24 announcement, the digital asset exchange disclosed updates to its spot trading pair listings. On July 26, Binance will delist the AVAX/TUSD, MATIC/TUSD, and VOXEL/BTC trading pairs. The exchange cited the need for high-quality trading markets adding that it will conduct periodic reviews and remove pairs due to liquidity and volumes.
The crypto exchanges issued instructions to users ranging from steps to be taken before the July 26 date. Users can still trade corresponding tokens on the platform as other tokens will not be affected.
“Delisting a spot trading pair will not affect users’ ability to trade its corresponding tokens on the Binance spot platform (if applicable). Users can still trade the underlying and quoted assets of the spot trading pair on other trading pairs provided by the Binance platform.”
Furthermore, Binance will take out the trading bot service on July 26 while urging users to close all trading bot services for the listed trading pairs before July 26 to avoid losses.
Also Read: Bitwise CIO Teases More Crypto ETFs After Ethereum Success, Solana and XRP Next?
What’s Next?
Delisting of trading pairs by popular crypto exchanges often leads to price changes as investors and traders look to reposition holdings. The recent move might see price shakes in AVAX and MATIC and the crypto market trades sideways. The former is down 4.79% in the last 24 hours pushing down weekly gains to 1.5%.
On the other hand, MATIC trades at $0.5313, a slight 0.77% increase in the past day. However, the asset plunged 4% in the last seven days. Market leaders Bitcoin (BTC) and Ethereum (ETH) also recorded slight losses in the same period.
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