As a seasoned researcher with over a decade of experience in the crypto market, I have witnessed my fair share of delistings and their impact on various tokens. The recent announcement by Binance to remove 11 trading pairs has once again piqued my interest, not only because of its potential implications but also due to the diverse reactions it has sparked across the market.
The prominent cryptocurrency exchange, Binance, has announced that it will stop supporting several trading pairs for specific tokens, leading to widespread discussions. These tokens include Fusionist (ACE), AC Milan Fan Token (ACM), Book of Meme (BOME), Dymension (DYM), Metal DAO (MTL), Pixels (PIXEL), QuarkChain (QKC), Radworks (RAD), and Renzo (REZ). Of these, the token QuarkChain (QKC) experienced a significant drop of 12%. This decision by Binance underscores their dedication to maintaining a high-quality market, prompting diverse responses across the cryptocurrency market.
Binance Announces Delisting of 11 Trading Spot Pairs
As a researcher, I’d like to share an update: On December 24th, I came across Binance’s announcement that they would be discontinuing eleven trading pairs effective immediately. The affected pairings encompass the following crypto-fiat and crypto-crypto transactions: ACE/BTC, ACM/TRY, BOME/BTC, DYM/BTC, MTL/TRY, PIXEL/BNB, PIXEL/FDUSD, QKC/BTC, RAD/BTC, REZ/FDUSD, and TUSD/TRY. This information is crucial for those of us who closely follow the Binance exchange and its trading activities.
The platform announced that users can continue trading the underlying and quoted assets of these tokens by using different spot pairings. Moreover, they mentioned that they will discontinue their Spot Trading Bots for these specific pairs effective from the same day.
Meanwhile, the delisting will take effect at 03:00 (UTC) on December 27. Users should cancel or update their Spot Trading Bots to avoid potential losses. The exchange reiterated that delisting specific trading pairs does not affect the availability of the underlying tokens on its platform.
Price Context and Market Reaction
news about Binance removing certain tokens has led to diverse responses among the ten impacted cryptocurrencies. The value of Fusionist (ACE) slightly rose by 4%, trading at approximately $2.157, with a daily low of $2.015 and a high of $2.218. Likewise, the price of AC Milan Fan Token (ACM) went up by 4% to reach $1.634. Its lowest point was $1.566, while it peaked at $1.645 during the same period.
In brief updates:
In today’s market, PIXEL’s price experienced a 4.6% rise, reaching $0.16. Unfortunately, not every token saw positive growth. QuarkChain (QKC) took a significant hit, dropping by 12%, now trading at $0.0112. Radworks (RAD) and Renzo (REZ), on the other hand, managed minor increases of 2%. RAD is currently priced at $1.256, while REZ trades at $0.036.
Historically, when Binance removes a token from its platform, it can significantly affect the token’s value. For example, the price of Heroes of Mavia (MAVIA) dropped by 28%, OMG Network (OMG) decreased by 15%, and BarnBridge (BOND) fell by 80% within a month following delisting. These incidents highlight that delistings often spark panic selling, decrease liquidity, and lead to long-term price drops, which raises worries among investors holding the affected tokens.
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2024-12-24 12:25