Binance To Delist These Major Cryptos Sparking Price Concerns
Highlights
- Binance announces delisting of major cryptos, sparking concerns over market impact.
- Traders urged to adjust positions amid potential liquidation risks on Binance exchange.
- Despite delisting news, prices of affected cryptos remain stable amid broader market recovery.
In a move that has sent ripples through the cryptocurrency market, Binance, the world’s leading crypto exchange, has announced the delisting of several crypto trading pairs from its platform. The decision, which affects trading pairs involving popular cryptocurrencies such as KNC, ICX, XTZ, ROSE, and APE, has raised concerns among investors about the potential impact on prices and market sentiment.
Binance’s Delisting Announcement Sparks Speculations
Binance Futures recently disclosed plans to delist several perpetual contracts and adjust leverage and margin tiers for COIN-M trading pairs. The affected contracts include KNC/USD, ICX/USD, XTZ/USD, ROSE/USD, and APE/USD, with closure and automatic settlement scheduled for specific dates.
Meanwhile, the crypto exchange has urged the traders to heed the warnings, as failure to adjust positions and leverage could lead to liquidation risks. In addition, Binance reserves the right to implement further protective measures amid volatile market conditions, potentially affecting maximum leverage, position values, and funding rates.
Notably, the announcement underscores Binance’s proactive stance on risk management and market stability. However, it has also triggered speculations regarding its potential impact on mentioned cryptocurrency prices.
As history suggests, announcements from major exchanges often influence market sentiment, with positive news driving up prices and negative developments dampening investor enthusiasm. In this case, the delisting of trading pairs may inject uncertainty into the market, prompting investors to reassess their positions and trading strategies.
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Prices Remain Stable Amid Broader Market Recovery
For traders and investors, navigating the cryptocurrency market requires vigilance and adaptability. While Binance’s actions aim to mitigate risks and enhance market integrity, they also highlight the inherent volatility and unpredictability of digital asset trading. As such, market participants are urged to stay informed, monitor developments closely, and exercise caution when managing their portfolios.
However, amid the recovery in the broader crypto market, the Kyber Network Crystal v2 price rose 5.14% to $0.6134. The ICX price was up 5.15% and traded at $0.2318, despite Binance’s delisting announcement.
Simultaneously, the Tezos price also noted a surge of 5.42% and exchanged hands at $0.9587, while the ROSE price jumped 5.18% to $0.092. On the other hand, the APE price advanced 5.89% to $1.29, with its trading volume soaring over 6% to $46.2 million.
Also Read: BTC Price Soars Ahead Of 18,000 Bitcoin Options Expiry Today, What’s Next?
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