Trading giant Binance has decided to delist some Bitcoin margin trading pairs beginning on December 4.
Leading cryptocurrency exchange Binance has removed several Bitcoin margin trading pairs. The affected digital assets include Band Protocol BAND $0.25 24h volatility: 3.1% Market cap: $42.82 M Vol. 24h: $4.63 M , Gitcoin [NC], Highstreet (HIGH), Perpetual Protocol [NC], STP [NC], and AVA AVA $0.22 24h volatility: 3.7% Market cap: $16.21 M Vol. 24h: $4.40 M . It is worth noting that this action will impact both cross- and isolated-margin trading options for these assets. This move will ultimately reduce the number of available user pairs.
Binance Advises Users to Take Action
BAND/BTC and GTC/BTC cross-margin pairs, along with isolated margin pairs like AVA/BTC, HIGH/BTC, PERP/BTC, and STPT/BTC, will all be phased out on the popular trading platform.
This comes only a week after Binance delisted C98/BTC and IDEX/BTC among others from its platform.
According to an announcement to “Binancians”, the delisting exercise will commence on December 4, 2024, with the suspension of isolated margin borrowing. Users have only one week, that is, December 11, to take action before full removal. Some of the events to watch include the automatic closure of positions and the cancellation of pending orders.
Therefore, all users are encouraged to close positions and transfer affected assets from Margin Wallets to Spot Wallets. This is to avoid potential losses that could result from the delisting process. Notably, the underlying assets are unaffected as users can still trade them on other available pairs within the platform.
Binance usually carries out such delisting exercises after a thorough review.
The trading platform often makes this delisting move once it discovers that an asset or trading pair falls short of its liquidity and trading volume standards. This action aims to protect users and provide a quality trading market. Also, these changes focus on streamlining Binance’s offerings to better align with market demands.
Delisted Assets Remains Unfazed
Usually, delisting negatively impacts an asset, reducing its reputation relevance and even changing investor confidence in such projects.
In this case, it indicates reduced confidence in the delisted pair from Binance. Investors frequently view these actions as a signal to watch out for other exchanges. This perception could impact the token’s trading activity and trigger price declines.
Notably, this price decline projection is different for most of the affected assets with the ongoing bull run aiding uptick. Highstreet and Perpetual Protocol have registered about a 6% to 12% price surge since the announcement. Similarly, AVA, Gitcoin, BAND, and STP recorded modest gains, ranging from 1% to 2%. Investors are exhibiting varying sentiments across the different assets.
At this writing, BAND price is at $1.98, which demonstrates a 7.41% increase in 24 hours. GTC’s price is also up by 3.22%, reaching $1.24; PERP has gained 11.04% within the same time, and HIGH is trading at $2.07 after gaining 15.89%.
This positive momentum could be attributed to the price rallies in the broader crypto market. In a matter of 30 days, the crypto landscape saw up to $1 trillion added to its valuation.
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