The cryptocurrency market is experiencing a mixed day, with Bitcoin holding steady near $95,000, showcasing mild gains. In contrast, the altcoin market sees varying trends, with some tokens like XRP standing out due to their notable performance. However, not all news is positive. Binance, the world’s largest cryptocurrency exchange, has announced the delisting of three altcoins from its futures market. This decision has led to significant price drops for the affected tokens.
Binance Announces Delisting of 3 Futures Tokens
Cryptocurrency exchanges often revise their listings to maintain optimal services and address user feedback. Binance has made a significant move by deciding to delist three altcoins from its USDⓈ-M perpetual contracts. In an official announcement, Binance stated:
“Dear Binance Users, Binance Futures will close all positions and conduct an automatic settlement on USDⓈ-M XEMUSDT, ORBSUSDT, and LOOMUSDT perpetual contracts on December 9, 2024, at 12:00 PM (UTC). Following the settlement, these contracts will be removed from the list.”
This decision reflects Binance’s ongoing efforts to streamline its offerings and respond to market dynamics.
Altcoins React with Sharp Declines
The announcement triggered an immediate market reaction, with all three affected tokens experiencing price drops. NEM (XEM) witnessed a sharp decline from $0.28 to $0.2532, marking a significant intraday fall. Although XEM partially recovered, trading at $0.2621 at the time of writing, it still reflected a 6% daily drop. Additionally, the token’s trading volume fell by 12%, indicating a waning interest from traders and investors.
Market Outlook
The delisting announcement comes amid a volatile period for the cryptocurrency market. While some tokens like XRP are gaining traction, delisted tokens may face further challenges as investors reassess their positions. The Bit Journal advises traders to monitor these developments closely, as changes in liquidity and demand could impact future performance.
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