In an announcement published this Tuesday (7), the Binance broker has confirmed the removal of several trading pairs from its platform. A total of five cryptocurrencies were affected. However, none of them fell with the news that can be considered pessimistic for such projects.
The reason could be the current market sentiment, which remains bullish after the big rallies in January. Bitcoin, for example, is up 38.8% this year, taking other cryptocurrencies with it.
While some altcoins outperformed Bitcoin in January, as was the case with Aptos (APT), the market’s dominance of the largest cryptocurrency remains high. According to data from CoinMarketCap, BTC’s dominance jumped from 40.07% to 42.3% last month.
Binance is removing several pairs from its books, affecting 5 cryptocurrencies
Announced this Tuesday (7), the removal process will begin next Thursday (9) at 3 a.m. Brasilia time. A total of five cryptocurrencies were affected, of which Gnosis (GNO) is the largest, with a market capitalization of BRL 1.58 billion.
“Binance will remove FIO, GNO, IRIS, MLN and WTC trading pairs from isolated margin.”
#Binance Margin removes FIO, GNO, IRIS, MLN and WTC trading pairs from isolated margin.https://t.co/LeN9Rm6YuV
— Binance (@binance) February 7, 2023
As for the pairs, Binance reported that FIO/BTC, FIO/BUSD, FIO/USDT, GNO/USDT, IRIS/BTC, IRIS/USDT, MLN/BTC, MLN/BUSD, MLN/USDT, WTC/BTC and WTC/USDT in isolated margin is removed.
Following this, the broker also informed that it will close traders’ positions and cancel pending orders on Thursday of the following week, the 16th. So, it is for investors to be aware of this.
“Please note that users will not be able to update their positions during the deletion process”added Binance in its statement. “And are strongly advised to close their positions and/or transfer their assets from their margin portfolio to their spot portfolio before margin trading ceases on 2/16.”
Affected cryptocurrencies continue to rise
In short, the FIO Protocol (FIO) shows an appreciation of 1.74% in the past 24 hours. Gnosis (GNO) remains stable at US$118. IRISnet (IRIS) also continues with a slight daily increase of 1.18%, same with Waltonchain (WTC) at 2.72%. Enzyme (MLN), the latter, is up 4.8% over the same period.
Therefore, while Binance’s removal of several pairs could be interpreted as negative news, the market seems bullish enough to ignore such an announcement.
Finally, Bitcoin (BTC) and Ethereum (ETH), the two largest in the market, are down slightly this Tuesday afternoon (7), with drops of 0.61% and 0.98% respectively in the past 24 hours.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
