Binance To Cease Support For These Pairs, Prices To Retreat?
Highlights
- Binance announces closure and delisting of select trading pairs in its futures offerings.
- Traders urged to adjust positions ahead of contract settlements and leverage adjustments.
- Potential price retracement anticipated as market assesses impact on affected tokens amidst regulatory and market uncertainties.
Amidst Binance’s recent announcement of significant changes to its futures trading offerings, including the cessation of support for several trading pairs, traders are left pondering a crucial question: “Will these actions precipitate a retreat in prices?” This question looms large as market participants assess the potential implications of Binance’s decision on the affected tokens and their corresponding market values.
Binance’s Announcement and Impact
Binance Futures will close all positions and conduct an automatic settlement on the USDⓈ-M IDEXUSDT, SLPUSDT, and GLMRUSDT USDⓈ-M perpetual contracts at 2024-05-15 09:00 (UTC), and MDTUSDT and AUDIOUSDT USDⓈ-M perpetual contracts at 2024-05-16 09:00 (UTC). The contracts will be delisted after the settlement is complete.
Additionally, Binance Futures will adjust the leverage and margin tiers of the USDⓈ-M IDEXUSDT, SLPUSDT, MDTUSDT, and AUDIOUSDT perpetual contracts at 2024-05-08 10:30 (UTC), affecting existing positions opened before the update. Traders are advised to adjust their positions and leverage ahead of the adjustment to avoid potential liquidation. Furthermore, Binance Futures may implement additional protective measures, such as adjusting maximum leverage values and funding rates, to mitigate risks in highly volatile market conditions.
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Potential Impact on Prices
As the cryptocurrency market braces for the impending changes announced by Binance, the potential impact on prices of the affected tokens cannot be overlooked. Tokens like IDEXUSDT, currently trading at $0.06628 with a 24-hour trading volume of $23,662,113.09, have experienced recent price increases, but with delisting and leverage adjustments looming, price retracement is a possibility. Similarly, tokens like AUDIOUSDT, priced at $0.1635 with a 24-hour trading volume of $5,105,888.38, have seen declines, reflecting market uncertainty.
This sentiment is mirrored in other affected tokens, including SLPUSDT and MDTUSDT with a -4.13% and -5.71% price change respectively in the past 24 hours, indicating that market sentiment, regulatory developments, and reactions to Binance’s actions will influence price movements in the coming days. Traders await further insights into the extent of the impact on prices and the resilience of these tokens amid evolving market conditions.
Also Read: Hodl Law vs SEC: Ethereum Case Gets Court Date for Oral Arguments
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