Binance Delists Several BTC Trading Pairs, Impacting Market Prices

Binance Announces Delisting of Certain BTC Trading Pairs

In a significant move that has sent shockwaves through the cryptocurrency market, Binance, one of the largest cryptocurrency exchanges globally, announced on November 20 its decision to delist specific Bitcoin (BTC) trading pairs. The affected trading pairs include C98, IDEX, FIS, MBOX, REN, and TKO, leading to a notable decline in their prices ranging from 1% to 4%.

Details of the Delisting

According to the official statement from Binance, the delisting will take effect at 09:00 (UTC+2) on November 27. The specific pairs being removed from cross margin trading include C98/BTC and IDEX/BTC. Additionally, the exchange will eliminate the isolated margin pairs C98/BTC, FIS/BTC, IDEX/BTC, MBOX/BTC, REN/BTC, and TKO/BTC at the same scheduled time. This reduction in trading options has sparked concerns among traders, as it may lead to further declines in the value of these tokens.

Furthermore, Binance has stated that users will be unable to transfer assets to these pairs, whether through manual transfers or the “Auto Transfer Mode.” On November 21 at 09:00 UTC, isolated margin lending for these pairs will also cease. The exchange will initiate an automatic liquidation process on November 27 at 09:00 UTC, closing all user positions and cancelling any pending orders associated with these pairs. However, it is important to note that trading for these assets will still be available on Binance’s spot trading platform.

Market Reactions and Price Impacts

The announcement has contributed to a generally pessimistic sentiment in the market, reflected in the daily price movements of the affected coins. Here’s how the prices have been impacted:

• C98: Currently trading at $0.1459, down 2% over the past 24 hours, with a low of $0.142 and a high of $0.1518.
• IDEX: Priced at $0.04033, marking a 1% decrease, with daily fluctuations between $0.03915 and $0.04354.
• FIS: Trading at $0.3464, down 2%, with a range of $0.332 to $0.3645 in the last 24 hours.
• MBOX: Suffering a 4% decline, now at $0.1875, with a low of $0.1814 and a high of $0.1949.
• REN: Down 6% to $0.04049, ranging between $0.03936 and $0.04322 in daily trading.
• TKO: Currently at $0.315, reflecting a 1% drop, with daily lows of $0.3054 and highs of $0.3247.

Market analysts have indicated that these cryptocurrencies may experience further downward pressure as Binance reduces its support for them. The withdrawal of trading options can create a less favorable environment for traders and investors, heightening the risk of price declines. Notably, the exchange had previously delisted four other tokens last month, which similarly raised alarms about potential price drops.

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