Binance Announce Delisting Of Key Crypto Pairs, What’s Next?

Binance set to delist several crypto trading pairs, including BTC and ETH, causing concern among investors. Unravel potential market impact and delisted cryptocurrencies.
By Coingape Staff
Updated July 6, 2024
Binance warning monitoring tag PENDLE SEI price

Highlights

  • Binance plans to remove multiple crypto trading pairs, including major ones like BTC and ETH, raising investor concerns.
  • The delisting process involves specific contracts, with Binance advising traders to adjust positions to avoid liquidation.
  • Affected cryptocurrencies show varied price movements, reflecting immediate market reactions and uncertainty.

Binance, the leading cryptocurrency exchange, has unveiled plans for a significant overhaul of its trading offerings. In a surprise move, the platform will discontinue several cryptocurrency trading pairs, including those involving market giants Bitcoin (BTC) and Ethereum (ETH). The exchange is also set to remove pairs for lesser-known altcoins such as AI, CHR, GAS, and LQTY.

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Details of the Delisting and Its Implications

Binance has provided specifics about the delisting process. The platform will be delisting spot traded pairs like AI/TUSD, BTC/AEUR, CHR/BNB, ETH/AEUR, GAS/FDUSD, and LQTY/FDUSD. Each contract has a set date for closure and automatic settlement. Binance has strongly advised traders to adjust their positions and leverage accordingly, warning that failure to do so could result in liquidation.

The exchange has also reserved the right to implement additional protective measures if market conditions become volatile. These measures could include changes to maximum leverage, position values, and funding rates. This announcement highlights Binance’s focus on risk management and market stability. However, it has also led to speculation about how these changes might impact the prices of the affected cryptocurrencies.

Historically, announcements from major centralized exchanges like Binance have had significant effects on market sentiment. Positive news tends to drive prices up, while negative developments can dampen investor enthusiasm. In this case, the delisting of trading pairs may create uncertainty in the market, prompting investors to reconsider their positions and trading strategies.

Also Read: Spot Ethereum ETFs to Go Live on July 15, ETH Bull Run Ahead?

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Current Prices of Affected Cryptocurrencies

The cryptocurrencies affected by Binance’s decision are showing varied price movements in response to the news. Ethereum (ETH) is currently trading at $3,364.58, experiencing a slight decline over the past day and week. Bitcoin (BTC) is valued at $61,050.29, also showing a downward trend in recent trading. Sleepless AI (AI) is priced at $0.6643, with a minor increase in the last 24 hours but a decrease over the week.

Chromia (CHR) stands out with positive performance, trading at $0.2466 and showing significant increases both in the last day and over the week. Gas (GAS) is priced at $3.60, facing a decline in both short-term and weekly timeframes. Lastly, Liquity (LQTY) is valued at $0.8886, with a slight daily decrease but a weekly increase.

These price movements reflect the immediate market reaction to Binance’s announcement. While some cryptocurrencies are showing resilience, others are experiencing downward pressure. The varying responses highlight the complex dynamics of the crypto market and the different factors influencing individual token prices. As the situation unfolds, investors and traders will likely continue to closely monitor these prices and adjust their strategies accordingly.

Also Read: Ripple and Coinbase Use Binance Win to Contest SEC Claims

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Coingape Staff
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