Altcoin
AVAX And MATIC Under Pressure After This Key Move By Binance
AVAX and MATIC have recorded slight price pressure after crypto exchange Binance moved to delist the asset’s TUSD trading pairs. The company revealed its latest round of spot trading audits and announced the removal of three cryptos from TUSD and BTC pairs respectively. These events are known to swing the price of assets due to market volatility.
Binance Delists AVAX and MATIC’s TUSD Trading Pair
In a July 24 announcement, the digital asset exchange disclosed updates to its spot trading pair listings. On July 26, Binance will delist the AVAX/TUSD, MATIC/TUSD, and VOXEL/BTC trading pairs. The exchange cited the need for high-quality trading markets adding that it will conduct periodic reviews and remove pairs due to liquidity and volumes.
The crypto exchanges issued instructions to users ranging from steps to be taken before the July 26 date. Users can still trade corresponding tokens on the platform as other tokens will not be affected.
“Delisting a spot trading pair will not affect users’ ability to trade its corresponding tokens on the Binance spot platform (if applicable). Users can still trade the underlying and quoted assets of the spot trading pair on other trading pairs provided by the Binance platform.”
Furthermore, Binance will take out the trading bot service on July 26 while urging users to close all trading bot services for the listed trading pairs before July 26 to avoid losses.
Also Read: Bitwise CIO Teases More Crypto ETFs After Ethereum Success, Solana and XRP Next?
What’s Next?
Delisting of trading pairs by popular crypto exchanges often leads to price changes as investors and traders look to reposition holdings. The recent move might see price shakes in AVAX and MATIC and the crypto market trades sideways. The former is down 4.79% in the last 24 hours pushing down weekly gains to 1.5%.
On the other hand, MATIC trades at $0.5313, a slight 0.77% increase in the past day. However, the asset plunged 4% in the last seven days. Market leaders Bitcoin (BTC) and Ethereum (ETH) also recorded slight losses in the same period.
Also Read: Fold Inc Braces For IPO With $500 Million Valuation After SPAC Merger
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.
As the first XRP ETF hit the markets, prices have not gone according to the predictions of investors, sparking a wave of worry. XRP price hovers around the $1.81 mark as the hype around the XXRP ETF begins to wane.
XRP Price In Steep Decline Following ETF Launch
According to CoinMarketCap data, XRP price has taken a major hit following the launch of the first-ever XRP ETF in the markets. XRP tumbled by nearly 5% over 24 hours to trade at $1.81 despite the hype around the launch of an XRP ETF.
Teucrium Investment Advisors rolled out its leveraged XRP ETF, offering investors double the exposure to XRP. The leveraged ETF, with the ticker XXRP, failed to force a rally for XRP with several theories swirling for the decline in XRP price.
Odd ETF Douses Market Enthusiasm
The nature of the XRP ETF contributes to its lukewarm market reaction on launch day. The leverage ETF rolled out without the SEC’s approval of a spot ETF leaving market participants scratching their heads.
Bloomberg market analyst Eric Balchunas described the ETF as “very odd,” contributing to a tepid reception. Historically, spot-based ETFs have had seismic effects on prices, with Bitcoin and Ethereum spot ETFs triggering double-digit rallies.
Despite falling XRP prices, the approval of a spot-based ETF will trigger a strong rally for the asset compared to the leveraged offering.
Broader Market Selloff Is Impacting Prices
A glance at the cryptocurrency charts reveals a steep decline across the board for asset prices. Bitcoin price continues to trade well below the $80K mark while Ethereum has tumbled by nearly 6% over the last day.
The decline of the top two largest cryptocurrencies has dragged other altcoins underwater. XRP price is not the only one roiling under increased sell pressure, with ADA, SOL, and BNB facing bearish sentiments. The US-China trade war is stoking increased selling pressure for cryptocurrencies amid reciprocal tariffs.
Speculative Run-up For XRP
Another reason for the XRP price decline following the ETF launch is profit taking. Since reports of an imminent XRP ETF launch went mainstream, the asset experienced increased buying activity from investors.
There is speculation that the price decline is tied to traders “buying the rumor and selling the news.” This trading strategy leads to a correction in the face of positive fundamentals for an asset. Ripple’s acquisition of Hidden Road for $1.25 billion failed to trigger a reversal for the asset’s price.
Aliyu Pokima
Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he’s not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.
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.
Altcoin
Developer Advocates For Pi Network Community To Launch Liquidity Pool To Stablilize Pi Coin Price
Amid frantic calls for a masterstroke for Pi Network price stability, one developer is picking up the gauntlet to launch a decentralized solution. The plan, a community-driven liquidity pool (CDLP), has received widespread support from the Pi Network community, stoking belief for an imminent launch.
Developer Urges Pi Network Community To Proceed With Community-Driven Liquidity Pool (CDLP)
The pseudonymous Satoshi Nakamoto has confirmed plans to proceed with the launch of a CDLP for Pi Network. According to an X post, the developer disclosed that the launch plans come on the heels of overwhelming community support for the initiative after a poll.
The CDLP, a decentralized price stabilization mechanism, involves Pi Network community members purchasing a fixed amount of Pi coins each month. Using the dollar-cost averaging (DCA) strategy, the steady purchases will create a decentralized liquidity pool with Pi coins controlled solely by investors.
Nakamoto shared a poll to gauge community opinion on the initiative on X, with 69% of votes supporting the idea. Going forward, the developer plans for the CDLP are underway, a valiant attempt to prevent steep price drops.
“Based on the results of the previous vote, we are officially establishing the CDLP community framework,” said Nakamoto.
He adds that the next phase will be the appointment of moderators for the CDLP from the Pi network community. While details for the framework are sparse, Nakamoto notes that the CDLP’s operation will follow the core principles of stabilizing the Pi price.
What Is The End Goal For The CDLP?
While the primary purpose of the CDLP is to stabilize the Pi coin price from sharp drops, Nakamoto says the initiative will have a far-reaching impact. He adds that a stable Pi price will provide a conducive atmosphere for developers to thrive.
Furthermore, businesses will be incentivized to accept Pi as a payment method, broadening its reach beyond Southeast Asia. In his submission, long-term Pi holders will receive rewards from Pi ecosystem projects and decentralized applications (DApps).
“As the community grows, Pi will become an increasingly adopted medium of payments and transactions,” added Nakamoto.
Community members like Dr Altcoin have called on the PiCoreTeam (PCT) to take decisive action to stabilize Pi Coin. Furthermore, Dr Altcoin suggests burning Pi tokens locked up in foundation wallets.
After a steep decline that saw the price lose 19% over the last week, the Pi price is recovering with optimists eyeing a rally beyond $3. Pi Network price currently hovers around $0.5 but the broader crypto market selloff threatens its recovery.
Aliyu Pokima
Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he’s not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.
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.
In a major XRP news, crypto firm Ripple has announced plans to acquire prime broker Hidden Road for $1.25 billion. The XRP price surged on the back of this announcement, with the deal one of the largest in the crypto industry.
XRP News: Ripple To Acquire Hidden Road For $1.25 Billion
In a press release, Ripple announced that it will acquire Hidden Road for $1.25 billion, one of the largest deals in crypto history. The firm noted that with this acquisition, it will become the first crypto company to own and operate a global, multi-asset prime broker.
Hidden Road is a fast-growing prime broker offering institutions a one-stop shop of services, including clearing, prime brokerage, and financing across foreign exchange (FX), digital assets, derivatives, swaps, and fixed income. Meanwhile, this news comes just as the first XRP ETF went live in the US.
Furthermore, the crypto firm noted it is important that there are core infrastructure in place for institutional adoption for the industry to achieve the next phase of growth. This is where prime brokers come in as they bring the necessary credibility and professional trading services in legacy finance to the digital assets space.
As such, Ripple, alongside Hidden Road, plans to bring the promise of digital assets to institutional customers at scale, bridging traditional finance and decentralized finance (DeFi). Although not mentioned in the release, Fortune reported that the crypto firm will settle this acquisition primarily in cash, XRP tokens, and company stocks.
Commenting on the proposed acquisition, Ripple CEO Brad Garlinghouse said,
We are at an inflection point for the next phase of digital asset adoption – the US market is effectively open for the first time due to the regulatory overhang of the former SEC coming to an end, and the market is maturing to address the needs of traditional finance. With these tailwinds, we are continuing to pursue opportunities to massively transform the space, leveraging our unique position and strengths of XRP to accelerate our business and enhance our current solutions and technology.”
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several topics and niches. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover, a traveler and a part-time degen.
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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