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Binance Delists BTC, ETH, & BNB Pairs Sparking Price Crash Speculations
In a recent announcement, the leading crypto exchange Binance has announced to remove certain key pairs from its platform. According to the release, the exchange will release four pairs related to BTC, ETH, BNB, and DAI. This move has sparked speculations over the potential reason behind such decision, while also fueling discussions over its impact on the prices.
Binance Delists Key Trading Pairs Sparking Speculations
Binance has recently announced its plans to delist four trading pairs from its platform. The announcement showed that APE/ETH, ATOM/BNB, BAL/BTC, and BNB/DAI, would be removed from the exchange. This announcement by the crypto exchange has sparked speculations.
Meanwhile, the company noted that this move was part of their regular reviews of spot trading pairs, which consider several factors like liquidity, trading volume, and others. Notably, the delisting is scheduled for October 11, 2024, at 3:00 UTC.
The exchange indicated that this action is in line with its effort to maintain a high-quality trading environment for the users. In addition, it also clarified that the delisting of these pairs will not affect the availability of the individual tokens. In other words, the users can continue to trade the base and quote assets through other trading pairs still available on the platform.
Notably, the exchange also advised users of its Spot Trading Bots to cancel or update their bots for these pairs to avoid potential losses once trading ceases.
Will These Delistings Impact BNB And Other Prices?
The news of Binance’s delisting tends to trigger mixed reactions in the market. Typically, such announcements from the top crypto exchanges can impact investor sentiment. For instance, positive developments usually lead to market optimism, while decisions like delisting can fuel uncertainty.
Having said that, traders might interpret this delisting as a sign of reduced interest or declining liquidity in the affected pairs. It could potentially drive down the prices of these tokens in the short term, sparking speculations over a potential price crash.
However, the delisting of spot trading pairs does not necessarily guarantee a price slump. Although chances remain, the investors can sometimes avoid such announcements, as the exchange has still other pairs of these crypto available on its platform.
As of writing, APE price was up about 0.55% and exchanged hands at $0.74, while its trading volume dropped by 5% to $50.44 million. On the other hand, ATOM price was down about 0.5% to $4.35, and its trading volume dipped 30% to $78.81 million.
Simultaneously, BAL price traded near the flatline and traded at $1.94, after touching a 24-hour high of $1.96. Finally, BNB price rose nearly 2% to $582.37, while its trading volume soared nearly 30% to $2.29 billion.
Rupam Roy
Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
BNSOL, a token representing staked SOL and staking rewards in a tradable and transferable form on Binance, recently marked a landmark achievement. The token secured listing on the abovementioned crypto exchange, primarily with enhanced user offerings. This listing has ignited an optimistic torrent for the staked Solana token’s future, as one of the top exchanges extends backing for it.
BNSOL Secures Binance Listing With Boosted APR Promotion
As per an official announcement by Binance dated October 9, the staked Solana and rewards token will be listed and available for trading on the exchange starting October 10 at 08:00 UTC. The trading pair to be listed remains BNSOL/SOL. Further, the exchange revealed vital details on the token’s promotion period and APR (annual percentage rate) in its announcement.
The promotion period for the token set by the exchange is 8-10 days from October 16 (UTC). Further, all new and existing token holders stand poised to get up to 10% in APR during the promotion period. However, the APR is likely to fluctuate between 8-10% based on the total value locked each epoch, i.e., 2-3 days. Subsequently, the APR will stabilize and revert to normal after the promotion period concludes. One can refer to the exchange’s staking page for further details on the matter.
This announcement by the top crypto exchange has gained substantial traction across the broader industry, bringing noteworthy attention to staked SOL product. Market participants can get the Binance staked Solana token by staking SOL on the exchange’s Web3 wallet and also by navigating to ‘staking SOL’ on the platform’s earn page.
More About The Staked SOL Token
As mentioned above, Binance staked SOL is a token reflecting staked SOL and the staking rewards altogether in a tradable and transferable form. Contrary to ordinary staking that locks assets, the new staked token is aimed at offering users flexibility. Users can sell, transfer, or even move the staked SOL to their personal wallets and use it anywhere apart from the platform.
CoinMarketCap data illustrated that BNSOL price today traded at $143, down nearly 1% over the past day. Simultaneously, even SOL price traded at $143, noting a 1% dip, intraday. Nevertheless, renowned crypto influencer BitBoy took to X today, stating, “Big moves are coming in the SOL ecosystem.” This announcement further aligns with the abovementioned development, sparking optimism for the broader Solana ecosystem globally.
Meanwhile, in another saga, the crypto exchange also listed Scroll (SCR) recently, underscoring efforts to offer enhanced offerings with crypto project backings.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Sam Altman’s AI-meets-crypto project Worldcoin has taken significant heat lately, waining against the backdrop of Alameda Research’s massive dumps. On-chain data on Wednesday indicated that the market maker has continued selling the AI token, raising severe investor concerns as WLD price cracked nearly 5% intraday. Meanwhile, crypto market enthusiasts speculate over what lies ahead for the token in light of current market statistics and bearish sentiments prevailing with recent dumps.
Worldcoin Takes Heat As Alameda Research Sells Substantially
In an unprecedented mover, Worldcoin has encountered significant selling pressure as market maker Alameda Research continuously offloaded significant amounts of the AI token to Binance, a leading crypto exchange. According to on-chain tracker Spotonchain’s data, the market maker has been dumping 143,770 WLD to Binance weekly over the past two months.
Notably, the entity sold 1.56 million coins, worth $2.51 million, to Binance since August 9 in ten batches. The average price of these deposits was recorded as $1.605. At present, the market maker still holds 23.44 million coins worth $43 million, indicating that it could take three years to offload the complete amount at the current rate. Given the AI token’s current market stance, continuous selloffs could propel further downside momentum in the token’s price trajectory.
Meanwhile, it’s also worth noting that another one of Alameda’s top holdings is MNT, formerly known as BIT, which could see selloffs ahead as the firm’s 3-year no-sale commitment with BitDAO ends in November.
Token Price Dips 5%
Simultaneously, Worldcoin price tanked nearly 5% over the past day and is now sitting at $1.86. The coin’s intraday low and high were recorded as $1.83 and $1.98, respectively. Notably, the AI token reflects a bearish stance in light of continued selling by the market maker, raising investor concerns.
Further, Coinglass data indicated a 10% drop in the token’s futures OI to $170.83 million. Moreover, even the derivatives volume plummeted 31% over the past day to $754.13 million, underlining reduced investor interest in the asset. Coupled with Alameda’s massive selloffs, market stats hint that WLD currently rides a bearish wave across the broader market. Crypto enthusiasts expect further dips in price should more selloffs occur ahead.
However, a recent WLD price analysis by CoinGape reveals that the crypto could conversely rally 400% ahead. This bullish projection comes on the heels of analysts anticipating Microsoft’s potential acquisition of OpenAI ahead. OpenAI is another leading AI firm led by Sam Altman.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Amid the broader market consolidation, the SHIB Price is once again picking up pack gaining over 3% as the Shiba Inu burn rate soared by 450% in the last 24 hours. As a result, more than 2.9 million SHIB coins have moved out of circulation thereby putting an upward price pressure.
Will Shiba Inu Burn Rate Surge Trigger SHIB Price Rally?
The SHIB burn rate is a mechanism designed to reduce the circulation of the SHIB tokens gradually over time. As a result, the development team sends some portion of the SHIB tokens to the burn address, thereby removing them permanently from circulation.
As per the Shibburn data, the Shiba Inu burn rate has surged by 450% in the last 24 hours. Thus, a total of 2,903,600 coins moved out of circulation with the SHIB price reacting positively to it. At press time, the Shiba Inu price is trading at 3.25% up $0.00001778 with a market cap of $10.48 billion.
Thus, a total of 410,730,861,486,725 SHIB tokens have been burned from the initial supply, leaving 583,516,038,997,683 SHIB tokens in circulation.
Over the past week, the SHIB price has remained largely volatile and has been facing rejection at $0.000017. However, on the weekly chart, it is still up by 5%. But on the monthly chart, the Shiba Inu price has surged by a staggering 32% amid a strong resurgence in the entire meme coin sector. This puts SHIB on the list of top meme coins for the year 2024.
Analysts Flash A Bullish Signal for SHIB
Crypto analyst Cantonese Cat named Shiba Inu (SHIB) among the top ten altcoins that flash a buy signal from here. The key indicator behind this bullish outlook is the “L3 Banker Fund Flow Trend Oscillator,” which has issued a rare buy signal for SHIB.
The analyst further added that this signal last appeared in July 2023 when the SHIB price was trading in the range of $0.000007 and $0.000008. Following that signal last year, SHIB remained steady for several months while experiencing a significant rally in February 2024, seeing a 5x increase in the price all the way up to $0.000045 by March.
Cantonese Cat’s analysis, based on Fibonacci retracement levels, suggests that Shiba Inu may be heading for a similar upward movement, indicating potential price targets in the coming months.
The ultimate price target for Shiba Inu is at the 1.618 Fibonacci extension level, around $0.00047, which could lead to a 30x gain. However, the analyst warns that while this target is attainable, SHIB must first overcome significant resistance zones to reach it.
Apart from the Shiba Inu burn rate surge, there are other catalysts to trigger strong price action. Recent market speculations also suggest the possibility of a Shiba Inu ETF coming to the market. As a result, analysts have turned further bullish for the world’s second-largest meme coin.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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