The cryptocurrency market is showing a mixed picture today. While the leading crypto Bitcoin is trading with slight gains at $95,000, some tokens such as XRP are drawing attention with their gains in the altcoin market. On the other hand, some tokens are losing value due to negative news. Binance, the world's largest cryptocurrency exchange, decided to delist 3 altcoins from the futures market. This development led to decreases in the prices of the relevant tokens.
Binance Delists 3 Tokens from Futures Market
Cryptocurrency exchanges frequently update their platforms by making listing and delisting decisions. Binance is also making some changes based on customer feedback. Finally, the exchange announced that it has decided to remove three tokens from the futures market. Binance made the following statement regarding this decision:
“Dear Binancers, Binance Futures will close all positions on 12/09/2024 at 12:00 UTC and auto-reconciliation will be performed on USDⓈ-M XEMUSDT, ORBSUSDT and LOOMUSDT USDⓈ-M perpetual contracts. Once reconciliation is complete, the contracts will be delisted.”
Following Binance’s announcement, the prices of the mentioned tokens have dropped. One of them, NEM (XEM), suddenly dropped from $0.28 to $0.2532 and then partially recovered its losses. However, XEM was trading at $0.2621 at the time of writing, down 6% on the day. In addition, the token’s trading volume has also decreased by 12%, indicating a decrease in investor interest.
Orb City (ORB) experienced a similar decline. ORB rose to $0.002896 during the day before falling to $0.0026, where it continues to trade. At the time of writing, ORB was finding buyers at $0.0016, down 8.61%. Interestingly, the token’s trading volume increased by 21.16%, which may reflect investors and traders’ efforts to exit ORB.
Another token that Binance removed from the futures market was Loom Network (LOOM). LOOM fell from $0.0077 to $0.0072 during the day and is still trading at these levels. At the time of writing, LOOM was trading at $0.007323, a loss of 4.45%. The trading volume of this token decreased by 26.77%, indicating a decrease in investor interest.