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Binance Users Must Act Before These 6 Altcoin’s Delisting

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Binance, one of the world’s largest crypto exchanges, has announced the delisting of six altcoins. The impacted altcoins—PowerPool (CVP), Ellipsis (EPX), ForTube (FOR), Loom Network (LOOM), Reef (REEF), and VGX Token (VGX)—experienced sharp declines in value, each dropping by double digits immediately after the announcement.

Historically, the announcement about Binance listing/delisting altcoins has had a significant impact on their prices.

Users Must Take Action Before Binance Delists Altcoins

Effective August 26, 2024, at 03:00 UTC, Binance will remove all spot trading pairs for these tokens.

The pairs affected include CVP/USDT, EPX/USDT, FOR/BTC, FOR/USDT, LOOM/BTC, LOOM/TRY, LOOM/USDT, REEF/TRY, REEF/USDT, and VGX/USDT. Subsequently, the exchange will automatically cancel all existing trade orders.

Read more: Binance Review 2024: Is It the Right Crypto Exchange for You?

Binance conducts periodic reviews to evaluate factors such as team commitment, development activity quality, trading volume, liquidity, network safety, stability, public communication, responsiveness to due diligence requests, and compliance with new regulatory requirements.

“When a coin or token no longer meets these standards or the industry landscape changes, we conduct a more in-depth review and potentially delist it,” Binance explained.

The price effects were both immediate and substantial. CVP plummeted nearly 14%, EPX dropped by 22%, FOR by nearly 20%, LOOM by almost 13%, REEF by over 20%, and VGX by around 18%. These sharp falls reflect the market’s sensitivity to exchange delistings, which often act as a proxy for a token’s perceived viability.

After August 27, 2024, Binance will not credit the deposits of these tokens. However, the exchange will support withdrawals of these tokens until November 26, 2024.

Later, Binance may convert these tokens into stablecoins. Although, this is not guaranteed. A separate notification will precede any such conversion.

Read more: 11 Cryptos To Add To Your Portfolio Before Altcoin Season

CVP, EPX, FOR, LOOM, REEF, and VGX Price Performance
CVP, EPX, FOR, LOOM, REEF, and VGX Price Performance. Source: TradingView

In a separate development, Binance has informed users about an upcoming automatic conversion of 15 previously delisted altcoins into the USDC stablecoin. This process will be based on user holdings as recorded at the snapshot time of September 2, 2024, 00:00 UTC. The aim is to provide users with a stable value store after these tokens are removed from active trading.

These altcoins are:

  • Bitcoin Gold (BTG)
  • Bitcoin Standard Hashrate Token (BTCST)
  • Bitshares (BTS)
  • District0x (DNT)
  • Groestlcoin (GRS)
  • Hegic (HEGIC)
  • MobileCoin (MOB)
  • Monero (XMR)
  • Monetha (MTH)
  • Multichain (MULTI)
  • Navcoin (NAV)
  • Sologenic (SOLO)
  • Spartan Protocol (SPARTA)
  • Symbol (XYM)
  • Tribe (TRIBE)

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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Aptos Partners with Circle and Stripe to Revitalize Network

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The Aptos Foundation announced a new partnership with Circle and Stripe, hoping to revolutionize its network functionality. Circle’s CCTP and USDC stablecoin will enhance blockchain interoperability, while Stripe will attract TradFi by simplifying fiat interactions.

Aptos has set ambitious goals with this partnership, but APT’s upward momentum has stagnated.

Aptos Partners with Circle and Stripe

According to a new announcement from the Aptos (APT) Foundation, its network is integrating Circle’s USDC stablecoin and Cross-Chain Transfer Protocol (CCTP). Additionally, Aptos is integrating the payment platform Stripe, generally streamlining fiat-related features. These include on- and off-ramps, payment processing, and TradFi ease of adoption.

“Once the integration is complete, users will be able to seamlessly transfer USDC between Aptos and 8 major blockchains. In addition to USDC and CCTP, Stripe will soon launch its payment services on Aptos, creating a reliable fiat on-ramp to streamline merchant pay-ins and payouts using Aptos-compatible wallets,” the firm claimed via press release.

In other words, Aptos aims to use this partnership to make itself “the ultimate hub for interoperable DeFi.” These companies will approach this goal from both ends: enticing new users and investors while substantially improving the core experience. This partnership marks a new development for Stripe’s integration with crypto.

Indeed, Stripe took a six-year hiatus from cryptocurrency payments, which only ended this April. Since then, however, it’s been engaging seriously with the industry. The firm entered an earlier partnership with Circle this June, hoping to promote USDC adoption. Additionally, Stripe acquired Bridge, a crypto payment platform, last month.

For its part, Aptos is undertaking a recovery process. Despite a major price spike in March, it suffered a lingering decline for most of 2024. The asset began regaining steam in October, and the November bull market has brought increased optimism. Still, its gains have stagnated for about a week.

Aptos Price in 2024
Aptos Price in 2024. Source: BeInCrypto

This partnership between Aptos, Circle, and Stripe may help APT regain its forward momentum. These ambitious new features will greatly add functionality and accessibility to Aptos’ network. Still, the firm has set a very ambitious goal for itself: to solidify “its place as a leader in interoperable DeFi and enterprise-grade blockchain technology.” Only time can tell its success level.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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SEC Moves Toward Solana ETF Approval Amid Pro-Crypto Shift

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The SEC is quietly meeting with several issuers to discuss approving a Solana ETF, claims Fox Business reporter Eleanor Terrett. With Trump’s impending pro-crypto administration, the SEC seems more inclined to approve such a product.

However, anti-crypto figure Gary Gensler is still nominally in charge of the SEC, and public progress might not begin until 2025.

Solana ETF Approval Is Getting Closer

According to a scoop from Fox Business reporter Eleanor Terrett, the SEC and several ETF issuers are in talks to approve a Solana ETF. Currently, Brazil is the only country that has given this product a green light. As recently as September, Polymarket odds gave the SEC a dismal 3% chance of approving it. This reluctance, however, might soon be changing:

“Talks between SEC staff and issuers looking to launch a Solana spot ETF are “progressing” with the SEC now engaging on S-1 applications. Recent engagement from staff, coupled with the incoming pro-crypto administration, is sparking a renewed sense of optimism that a Solana ETF could be approved sometime in 2025,” Terrett claimed.

Terrett was very clear about the impetus for this progress in negotiations: Donald Trump’s re-election. On the campaign trail, Trump vowed to significantly reform US crypto policy, and one cornerstone was firing anti-crypto SEC Chair Gary Gensler. Gensler has apparently conceded to his impending ouster, and his replacement will undoubtedly support the industry.

Previous attempts have floundered at an early step in the process. Once the SEC officially acknowledges an application, it must confirm or deny it within a 240-day window. Previous filings have lingered in limbo at this stage. However, the list of candidates is now growing: Canary Capital filed for a Solana ETF in October, and BitWise did the same earlier today.

Timeline of Solana ETF Applications, with Previous Frozen Attempts
Timeline of Solana ETF Applications, with Previous Frozen Attempts. Source: Eric Balchunas

Nonetheless, these positive negotiations still only consist of anonymous rumors. The Commission has not publicly moved to begin this process, and Gensler is still nominally in charge. Terrett posits that the SEC will only make serious progress on the Solana ETF at the start of 2025. Compared to previous pessimism, however, this is a complete sea change.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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ETH/BTC Ratio Plummets to 42-Month Low Amid Bitcoin Surge

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The ETH/BTC ratio, a metric measuring Ethereum’s price performance compared to Bitcoin, has reached its lowest point since March 2021. This development comes amid BTC’s brief rise to $98,000.

While the flagship cryptocurrency has increased by 7.45% in the last seven days, ETH has hovered around the same region, with investors raising concerns about the altcoin’s future.

Ethereum Continues to Lag Behind Bitcoin

In February, the ETH/BTC ratio climbed to a yearly high of 0.060. During that time, speculation spread that Ethereum’s price would begin to outperform Bitcoin and validate the altcoin season. However, that has not happened, as Bitcoin’s price has continued to make new highs

Ethereum, on the other hand, is yet to retest to reclaim its all-time high despite reaching $4,000 earlier in the year. This disparity in performance could be linked to several factors. For instance, both cryptocurrencies saw approval for exchange-traded funds (ETFs) this year.

However, while Bitcoin has seen billions of dollars in inflows, ETH has been inconsistent in attracting capital. Hence, the institutional inflow has driven BTC toward $100,000, ensuring that the ETH/BTC ratio drops to $0.033 — the lowest level in 42 months.

ETH/BTC performance
ETH/BTC Ratio. Source: TradingView

Further, the disparity in Ethereum’s performance can largely be attributed to sustained selling pressure. For instance, CryptoQuant data reveals that exchange inflows into the top 10 exchanges have climbed to 461,901 ETH, valued at approximately $1.50 billion as of this writing.

This surge in exchange inflow reflects large deposits by investors, indicating a heightened willingness to sell. Such movements typically increase the supply of ETH on exchanges, raising the likelihood of a price drop.

In contrast, a low exchange inflow generally indicates that investors are holding onto their assets, which is not the current scenario for ETH.

Ethereum Exchange Inflow
Ethereum Exchange Inflow. Source: CryptoQuant

ETH Price Prediction: Crypto Could Retrace

As of this writing, ETH trades at $3,317, which is a higher close than yesterday’s. Despite that, the altcoin is still below the Parabolic Stop And Reverse (SAR) indicator. The Parabolic SAR generates a series of dots that track the price movement, positioning above the price during a downtrend and below the price during an uptrend. 

A “flip” in the dots — shifting from one side to the other — often signals a potential trend reversal. As seen below, the indicator is above ETH’s price, suggesting that the cryptocurrency could reverse its recent gains.

Ethereum price analysis
Ethereum Daily Analysis. Source: TradingView

If this is the case and the ETH/BTC ratio declines, Ethereum’s price could decline to $3,083. However, if buying pressure increases, that might not happen. Instead, the value could surge above $3,500 and toward 4,000.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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