Binance Extends RedStone Backing; RED Price To Hit New ATH?

Cryptocurrency exchange Binance issued a vital announcement surrounding RedStone (RED) on Wednesday, capturing noteworthy market attention globally. The crypto exchange behemoth revealed that it is ending ‘pre-market trading and opening spot trading’ for the token shortly ahead. Further, another CEX giant MEXC revealed plans to list the same token. As an upshot, traders and investors now anticipate the coin’s price to scale new highs amid strong market support.

Here’s What Binance’s Announcement On RedStone Revealed

According to an official Binance release dated March 5, the crypto exchange will end pre-market trading for RedStone on March 6 at 09:00 UTC. Subsequently, the exchange will commence spot trading for the token on the same day, starting at 13:00 UTC.

Overall, the spot trading launch paves the way for regular buy and sell orders, offering heightened liquidity to the token with elevated investor interaction with the asset. As a response, market watchers await an upswing amid burgeoning money influx into the coin’s ecosystem.

What Spot Trading Pairs Will Be Available?

Mentioned below are the spot trading pairs that will be available for traders on Binance shortly ahead.

• RED/BTC
• RED/USDT
• RED/USDC
• RED/FDUSD
• RED/TRY

Here’s What Users Should Know

Further, the platform’s users can also start depositing RED, gearing up for spot trading as it commences. Withdrawals for the same are to begin on March 7 starting at 13:00 UTC. Also, the listing fee is set at 0 BNB, underscoring the top crypto exchange‘s support to the project.

Notably, Binance revealed that it will also apply a ‘seed tag’ to the token, signaling high trading risk amid broader crypto market volatility. In line with the spot trading announcement, ‘pre-market orders’ are to be automatically removed after trading ceases for the pre-market pair.

Additionally, ‘Spot Algo’ orders for the abovementioned trading pairs will also commence starting March 6 at 13:00 UTC. “Trading Bots & Spot Copy Trading will be enabled within 24 hours of it being listed on Spot,” the exchange added. Altogether, the support offered by a leading CEX sparked market optimism as this saga paved the way for enhanced market exposure.

Another Crypto Exchange Joins The Fray

Simultaneously, cryptocurrency exchange MEXC revealed on X that RedStone is coming to the ‘Innovation Zone & Convert zone.’ Deposits for the token are opened, whilst trading will be available once liquidity requirements are met on March 6 between 12:45 and 13:00 (UTC).

RED Price Eyes New Highs?

Usual market sentiments remain highly bullish in the wake of enhanced market support on top exchanges. Nevertheless, RED price dipped 6.5% to $0.7988, sparking market speculations.

Notably, CoinMarketCap revealed that the coin’s circulating supply as of Binance’s pre-market era was 40 million tokens. However, upon spot listing, this amount will increase to 280 million, which may bring short-term price volatility as investors witness rising supply.

Nevertheless, sustained demand for the asset with enhanced market support on leading CEXs could propel a new ATH. Crypto market participants continue to monitor the token for further price action shifts.

Meanwhile, it’s also worth mentioning that the Richard Teng-led crypto exchange recently halted support for all non-MiCA-compliant stablecoin trading pairs. Although this measure only impacted EEA (European Economic Region) users, market participants continue to eye such announcements to capitalise on emerging market opportunities.