As a seasoned financial analyst with extensive experience in the crypto market, I have closely monitored Binance’s recent decision to delist Internet Computer (ICP) and Maverick Protocol (MAV) spot trading pairs against BNB and TUSD. This is not an isolated incident, as Binance has previously announced the delisting of other assets based on poor liquidity and trading volume.
I’ve learned that Binance, the biggest cryptocurrency exchange globally, revealed on Wednesday its intention to remove more spot trading pairs from its platform. Following its earlier announcement regarding specific crypto pairs for delisting and cessation, the exchange has now disclosed its plan to delist Internet Computer and Maverick Protocol.
Significantly, CME and CF Benchmarks have introduced new benchmark rates and live indices for Internet Computer (ICP) and Ripple‘s XRP.
Binance to Delist ICP and MAV Spot Pairs
According to Binance’s recent announcement, the Internet Computer (ICP) and Maverick Protocol (MAV) spot trading pairs against Binance Coin (BNB) and Tether USD (TUSD) will no longer be available for trading starting July 19 at 03:00 UTC. These specific trading pairs will be delisted from the exchange.
Additionally, Binance plans to discontinue its spot trading bot services for the mentioned pairs. It is advised that users either modify these automated trading tools or deactivate them prior to the service termination to prevent any possible financial risks.
Binance routinely assesses the listed spot trading pairs for the sake of safeguarding users and upholding a robust trading market. Consequently, certain trading pairs may be removed based on various reasons including low liquidity and insufficient trading activity.
According to a recent report by CoinGape, Binance will no longer offer BTC/TUSD and TUSD/USDT spot trading pairs starting next week. This decision comes as Binance gradually phases out support for the TUSD stablecoin due to various concerns. Nevertheless, Binance has introduced several measures aimed at enhancing crypto market liquidity and improving the overall trading experience for its users.
An announcement has been made by the platform regarding an upcoming event for Shiba Inu and Dogecoin participants, featuring substantial incentives in cryptocurrency. The “Battle of the Meme Dogs” concludes on July 29.
Battle of the meme: Doge vs Shiba Inu
Join the Memecoin Duel to share $100,000 in token vouchers!
Find out more
— Binance (@binance) July 16, 2024
ICP and MAV Price Action
The price of ICP retreated slightly following the announcement, now standing at $10.12. In the last 24 hours, ICP experienced a surge of 8%, with its lowest and highest points being $9.34 and $10.29 respectively. Additionally, the trading volume has seen a minor decrease as investors seek to realize their profits.
According to Coinglass, the open interest for ICP futures contracts grew by 4% within the past 24 hours. Noteworthy buying activity emerged on CoinEx and Bybit, leading to a 70% and 7% surge in trading volume over the same timeframe.
Over the last 24 hours, the MAV price experienced a notable surge of 8%, now standing at $0.2304. The trading volume exhibited a moderate increase of 3%.
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2024-07-17 12:40