Binance Announces Removal Of These BTC Pairs Sparking Price Dip Concerns

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As a seasoned researcher with a decade-long career tracking the cryptocurrency market, I find myself observing Binance’s latest move to delist several tokens with a mix of intrigue and caution. Having witnessed numerous exchange decisions impacting the market, I can’t help but notice the recurring pattern of such actions leading to temporary price dips for the affected coins.

On Wednesday, Binance, a major player in the cryptocurrency exchange sector, created a buzz by announcing it would remove certain Bitcoin trading pairs from its platform. The exchange disclosed that it was removing specific BTC pairs for the tokens C98, IDEX, FIS, MBOX, REN, and TKO. This news has left market participants pessimistic as the prices of these coins have dropped by 1% to 4% following this delisting announcement.

Binance Announces Removal Of These Coins’ Cross & Isolated Margin Pairs

According to an official Binance statement dated November 20th, the cryptocurrency trading platform has announced that it will be deleting certain Cross & Isolated margin trading pairs in the near future. As per this announcement, the exchange is set to delist the Cross margin pairs C98/BTC and IDEX/BTC on November 27th at 06:00 UTC.

Additionally, it’s been decided that the individual trading pairs C98/BTC, FIS/BTC, IDEX/BTC, MBOX/BTC, REN/BTC, and TKO/BTC will be taken off the platform on the same date and time. This action has ignited worries about potential price drops for these assets, as one major cryptocurrency exchange is reducing its trading options for them.

Intriguingly, Binance further added that “effective immediately, users will no longer be able to transfer any amount of assets of the aforementioned pairs via manual transfers or ‘Auto-Transfer Mode’ into their Isolated Margin accounts.” Also, starting November 21 at 06:00 UTC, the exchange will terminate isolated margin borrowing on the abovementioned pairs.

Additionally, at 06:00 UTC on November 27, the exchange will close all open positions, initiate the automatic settlement process, and cancel any pending orders for these specific pairs. It is important to note that users can continue trading the asset on the exchange’s spot trading platform. In summary, the announcement of delisting has led to a negative market sentiment, as evident in the daily price movements of the mentioned coins.

How Are The Tokens Performing?

Currently, the price of C98 has dropped by 2% today, now sitting at $0.1459. Earlier in the day, its lowest and highest prices were $0.142 and $0.1518 respectively. Interestingly, this downward trend appears to be a result of the recent announcement that C98 will be delisted.

In addition, the IDEX price fell approximately 1%, settling at around $0.04033 yesterday. Its lowest point during trading was $0.03915, while its highest point was $0.04354. On the other hand, FIS experienced a 2% decrease and is currently trading at $0.3464. The coin’s lowest and highest prices in the last 24 hours were $0.332 and $0.3645, respectively.

Today, MBOX experienced a drop of 4%, bringing its current price to $0.1875. Earlier today, it reached a low of $0.1814 and a high of $0.1949 over the past 24 hours. Similarly, REN saw a bearish trend following recent news, falling by 6% to $0.04049. Its intraday low and high were at $0.03936 and $0.04322 respectively.

In my analysis today, I found that the TKO stock experienced a minor decrease of 1%. Currently, it’s being traded at $0.315. Throughout the trading day, its lowest point was $0.3054 and the highest was $0.3247.

Significantly, the coins may show additional drops due to the exchange ending its support, which limits the options for traders and investors, making transactions less flexible. Furthermore, CoinGape Media mentioned that Binance recently removed four other tokens from trading last month, raising worries about a potential decline in prices.

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2024-11-20 09:38