As a seasoned researcher with extensive experience in the cryptocurrency market, I have closely followed Binance’s latest announcements and their impact on various digital assets. The addition of nine new cross margin and isolated margin trading pairs today (July 24) is a positive development for tokens such as 1000SATS, GALA, AR, PEOPLE, RUNE, TRB, STRK, UNI, and ZK. This move could potentially boost liquidity and lend reputational credibility to these projects.
TL;DR
- Binance will add nine new cross margin and isolated margin trading pairs on July 24.
- It will also delist three trading pairs two days later.
The Latest Amendments
Binance, the biggest cryptocurrency exchange globally, is set to make improvements based on current market conditions and to boost user experience. Starting from July 24, the platform will introduce nine new cross margin and isolated margin trading pairs: 1000SATS/USDC, GALA/USDC, AR/USDC, PEOPLE/USDC, RUNE/USDC, TRB/USDC, STRK/USDC, UNI/USDC, and ZK/USDC.
Additional support from a crypto behemoth like Binance could positively impact the involved tokens due to increased liquidity and a reputational boost. However, 1000SATS is the only cryptocurrency (from the involved ones) to chart any substantial gains today. The rest have either recorded some minor plunges or have not experienced any significant volatility.
Instead of introducing new trading pairs, Binance frequently discontinues existing ones based on various reasons including insufficient liquidity. The exchange will cease support for the trading pairs AVAX/TUSD, MATIC/TUSD, and VOXEL/BTC as of July 26.
“A token pair being removed from Binance Spot market doesn’t mean the tokens themselves become unavailable. Instead, users can continue trading the base and quote assets of that specific pair in other available pairs on Binance.”
On July 24, several cryptocurrencies are experiencing losses, with VOXEL bearing the brunt (a 9% drop in value over the day). It’s important to mention that a more substantial price downturn could occur if Binance decides to delist a particular digital currency altogether.
Earlier this year, Monero (XMR), a well-known privacy coin, experienced a significant drop in value. This occurrence was preceded by the exchange suspending all trading services with Monero. Consequently, the coin’s valuation plummeted by more than ten percent following the announcement.
Binance’s Previous Update
Around a week ago, the company launched an intriguing campaign named “Battle of the Memes: Doge vs Shiba Inu.” Users are invited to pick either the Dogecoin or the competing team. By accomplishing certain tasks and earning points each day, they can contribute to their chosen side.
Once the Activity is over, we will determine which team has earned the most points in total. (Binance team’s statement paraphrased)
In accordance with the agreement, the initial 50,000 victors will be entitled to a cash reward of up to fifty dollars each, and the first 20,000 members of the defeated team will likewise receive comparable payouts.
Individuals amassing a minimum of 3,000 activity points will qualify for the giveaway. The meme coin competition will conclude on July 29th.
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2024-07-24 22:24