Crypto exchange giant Binance on Wednesday caused a stir across the broader market, revealing plans to remove specific BTC trading pairs from its platform. Notably, the crypto exchange revealed that it is delisting particular BTC pairs for C98, IDEX, FIS, MBOX, REN, and TKO crypto tokens. In the wake of this delisting announcement, market participants remain bearish as the mentioned coins’ prices slipped 1%-4%.

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

In an official Binance announcement dated November 20, the crypto exchange revealed that it will remove certain Cross & Isolated margin pairs shortly ahead. Per the announcement, the exchange will delist the Cross margin pairs C98/BTC and IDEX/BTC on November 27 at 06:00 UTC.

Further, the isolated margin pairs C98/BTC, FIS/BTC, IDEX/BTC, MBOX/BTC, REN/BTC, and TKO/BTC are to be delisted on the same date and time. These removals have in turn sparked concerns over looming price dips for the assets as one of the top crypto exchanges reduces trade offerings 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.

Moreover, on November 27 at 06:00 UTC, the exchange will close all of the users’ positions and kick off the automatic settlement process while also canceling all pending orders on these pairs. However, it’s noteworthy that users can still trade the asset on the exchange’s spot trading platform. Overall, the delisting announcement has urged a bearish market sentiment across the broader space, as also seen by the mentioned coins’ intraday price action.

How Are The Tokens Performing?

At the time of reporting, C98 price waned 2% intraday and is now resting at $0.1459. The coin’s 24-hour low and high were $0.142 and $0.1518, respectively. Notably, the slumping action follows the abovementioned delisting announcement.

Furthermore, IDEX price dropped roughly 1% over the past day, reaching $0.04033. Its intraday low and peak were $0.03915 and $0.04354, respectively. Simultaneously, FIS price slipped 2% over the past day and is now trading at $0.3464. The coin’s 24-hour low and high were $0.332 and $0.3645, respectively.

MBOX price cracked 4% intraday and is currently sitting at $0.1875. The coin’s 24-hour low and high were $0.1814 and $0.1949, respectively. REN price also mirrored a bearish movement in the wake of the aforementioned announcement, down 6% to $0.04049. Its intraday low and high were $0.03936 and $0.04322, respectively.

Lastly, TKO price slipped 1% over the past day and is trading at $0.315. The intraday low and high were $0.3054 and $0.3247, respectively.

Notably, the coins could witness further slumping movements in light of the exchange’s discontinued support as it offers users reduced flexibility to traders and investors. Simultaneously, CoinGape Media reported that Binance delisted four other tokens last month, sparking similar concerns over slumping price action.

The post Binance Announces Removal Of These BTC Pairs Sparking Price Dip Concerns appeared first on CoinGape.

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Filed under: News - @ November 20, 2024 6:26 am