As a seasoned crypto investor with a portfolio that has weathered numerous market storms, I find Binance’s decision to delist MAVIA, OMG, and BOND futures contracts a mixed bag of news. On one hand, it is always disheartening to see tokens being delisted, as it often indicates underlying issues or volatility in the project. However, I have learned over time that such moves are usually aimed at protecting investors from potential risks, especially in highly volatile market conditions.
On Friday, Binance, one of the largest crypto exchanges, informed users that they intend to remove certain cryptocurrency trading pairs soon. Notably, Binance is considering removing Heroes of Mavia, OMG Network, and BarnBridge (BOND) USD-Margined perpetual contracts from their platform. As a result, it’s expected that the prices of these tokens may decrease due to this action by traders and investors.
Binance Announces Plans To Delist MAVIA, OMG, & BOND Futures Contracts
As a researcher, I’d like to share some important news regarding Binance. On December 6th, they announced that they will be removing the perpetual contracts for MAVIA-USDT, OMG-USDT, and BOND-USDT on December 16th at 09:00 UTC. This means that their future trading division will close all open positions related to these pairs and perform an automatic settlement process.
In summary, users have been advised to keep their positions open or closed until the delisting time to avoid being part of the automatic settlement process. Also, from December 16 at 08:30 UTC, no new positions can be opened for perpetual contracts on the platform. Lastly, the Funding Rate Arbitrage Bot will stop all arbitrage strategies and carry out an automatic settlement for these assets at 09:00 UTC on the same day.
In essence, the top cryptocurrency trading platform announced that this action aims to “ensure user safety and mitigate potential hazards in highly unpredictable market scenarios.” This updated service offers users a secure trading environment; however, historical data shows that removing tokens often leads to a decrease in their prices.
How Are The Tokens Performing?
As we speak, the value of BOND has plummeted approximately 10% within a single trading day, settling at $1.58. Earlier today, its lowest point was $1.54, while it peaked at $1.77 over the past 24 hours.
In a similar vein, the price of OMG dropped approximately 5%, settling at $0.5781. During the last 24 hours, its lowest point was $0.5522 while its highest was $0.6164.
To wrap up, the price of MAVIA dropped by 10% during the day and is now at $1.94. Earlier today, its lowest and highest prices were $1.92 and $2.27 respectively. Notably, this downward trend aligns with Binance’s decision to remove perpetual contracts for these assets.
At the same time, it’s important to mention that the cryptocurrency exchange platform has also removed several Bitcoin margin trading pairs in recent times, which has raised similar price drop concerns. These delisted margin pairs include Band Protocol, Gitcoin, Highstreet, Perpetual Protocol, and numerous others.
Moreover, it was recently announced that a crypto trading platform has stopped offering the NOT/BNB and RDNT/BTC trading pairs. This move has stirred pessimistic feelings within the market. However, the firm, under the leadership of Richard Teng, maintains its stance, explaining that the delisting is for the benefit of users.
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2024-12-06 11:48