TL;DR
- Binance is expanding trading options by adding three new pairs this week, boosting liquidity and accessibility.
- While one of those saw only a slight price reaction, another surged by double digits after the disclosure.
The Latest Amendments
The world’s largest cryptocurrency exchange will expand the list of trading choices offered on Binance Spot by adding the pairs QTUM/TRY, TRUMP/EUR, and VTHO/TRY. The offerings will be available to users from February 12. Binance will also enable trading bot services for the aforementioned pairs on the same date.
This is not the first time the company has shown support for TRUMP, a Solana-based meme coin introduced by US President Donald Trump. Binance was among the behemoths listing the asset shortly after its launch last month.
The move and the massive hype surrounding the asset were some of the main factors fueling TRUMP’s impressive rally during its first days of existence. As CryptoPotato reported, the meme coin’s market cap briefly surged past $14.5 billion, thus surpassing Shiba Inu (SHIB). The bull run, though, was short-lived, and TRUMP’s price and capitalization gradually decreased in the last several weeks.
As seen on its chart, the valuation pumped to $16.70 shortly after Binance’s latest announcement before dipping again to its current $16 (per CoinGecko’s data). This represents a massive 75% decline compared to the peak of over $72 witnessed on January 19.
While Binance’s disclosure had only a slight effect on TRUMP’s price, this was not the case with the other affected asset, Qtum (QTUM). It soared by double digits, reaching as high as $3.67 before settling at around $3.45.
The Delisting Effort
Besides adding new trading pairs to users, Binance also plans to remove some existing ones. According to a separate announcement, the cross margin pairs HMSTR/FDUSD, SAGA/BTC and the isolated margin pairs HMSTR/FDUSD, ILV/BTC, LTO/BTC, MDT/BTC, SAGA/BTC will become unavailable from February 17.
“Please note that users will not be able to update their positions during the delisting process, and they are strongly advised to close their positions and/or transfer their assets from Margin Accounts to Spot Accounts prior to the cessation of Margin trading at 2025-02-17 06:00 (UTC). Binance will not be responsible for any potential losses,” the company warned.
When Binance withdraws support for a cryptocurrency, it often leads to a sharp price decline due to reduced liquidity, negative sentiment, and investor uncertainty. However, the digital assets involved seem unaffected, and most of them are in the green today (February 11), which aligns with the crypto market’s revival.
It is important to note that severe plunges are typically observed when Binance conducts a complete delisting process rather than removing just a few trading pairs.
Such was the case in February last year when the exchange terminated all services with Monero (XMR), Aragon (ANT), Multichain (MULTI), and Vai (VAI). The price of the popular privacy coin plunged by 35% after the disclosure.
The post Important Binance News: How It Affects Certain Altcoin Traders appeared first on CryptoPotato.
