Binance announced the suspension of major BTC margin trading pairs on its platform, sparking discussions about its potential impact on asset prices.
Binance Margin will gradually phase out multiple BTC margin trading pairs, including Band Protocol, Gitcoin, Highstreet, Perpetual Protocol, STP, and AVA. This will affect cross-margin and isolated margin trading options, reducing the number of trading pairs available to users.
The exchange has warned users to close positions and transfer affected assets from the margin wallet to the spot wallet to avoid potential losses. However, despite the delisting news, tokens such as Highstreet and Perpetual Protocol still surged between 6% and 12%, while AVA, Gitcoin, BAND, and STP recorded slight increases of 1% to 2%. This mixed market reaction highlights the varying investor sentiment towards affected assets.
Binance will delist these tokens
On December 3, Binance notified users about upcoming changes to its margin trading products. Several BTC trading pairs, including Band Protocol, Gitcoin, and Highstreet, will no longer be available for cross-platform or standalone margin trading.
According to the announcement, the BAND/BTC and GTC/BTC cross margin pairs, as well as the AVA/BTC, HIGH/BTC, PERP/BTC, and STPT/BTC isolated margin pairs will be removed. The delisting process will begin on December 4, 2024, and isolated margin lending will be suspended. Full removal will take place on December 11, 2024, at 06:00 UTC, including automatic liquidation and cancellation of pending orders.
One of the top cryptocurrency exchanges, Binance, advises users to take action by closing positions and transferring funds to the spot wallet before these deadlines. While these trading pairs are being phased out, the underlying assets can still be traded on other available pairs on the platform. These changes aim to streamline Binance's offerings and better meet market demand.
Price trend of cryptocurrencies during delisting period
The cryptocurrency market showed a bullish trend in November, increasing by about $1 trillion in just one month. Despite Binance's announcement of delisting, the surge in market momentum still had a positive impact on some affected assets.
Band Protocol (BAND) trading price is $1.90, up 4% in the past 24 hours and 22% in the past week. GTC price soared 40% in the past week, reaching $1.20, and is up 100% in the past month. PERP increased 7% to $1.03, rising 20% in just one week.
Highstreet (HIGH) stock price also performed strongly, rising 12% to $2.04. Meanwhile, STPT traded at $0.05, up 40% in the past month. AVA's stock price increased by 8% to $0.72, reflecting an optimistic short-term outlook despite the impending delisting.
