Binance has announced the delisting of several BTC margin trading pairs, affecting both cross and isolated margin trading options. This move, which includes Band Protocol (BAND), Gitcoin (GTC), Highstreet (HIGH), Perpetual Protocol (PERP), STP, and AVA, has forced users to rush to close positions and transfer assets. Despite the delisting news, these coins have shown surprisingly resilient price behavior, with some even recording significant gains.
Binance announces the delisting of margin trading pairs.
On December 3, Binance informed users of upcoming changes to its margin trading services. According to the announcement, BTC margin pairs such as BAND/BTC and GTC/BTC will no longer be available for cross-margin trading, while pairs like AVA/BTC, HIGH/BTC, PERP/BTC, and STPT/BTC will be removed from isolated margin trading.
The delisting process will begin on December 4, 2024, with the suspension of isolated margin borrowing. The complete removal, including automatic liquidation of positions and order cancellations, will take place on December 11, 2024, at 9:00 AM UTC.
Binance has urged users to close positions ahead of the deadline and transfer their assets to Spot Wallet to avoid potential losses. However, the underlying assets can still be traded through other available pairs on the platform. This move aligns with Binance's efforts to streamline its services and better adapt to market demands.
Altcoin prices show surprising strength amid the delisting.
Despite concerns that the delisting news could negatively impact prices, the affected altcoins have demonstrated resilience, with some posting gains:
Band Protocol (BAND): BAND has risen 4% in the past 24 hours and increased 22% in the past week, trading at $1.90.
Gitcoin (GTC): GTC rose 40% last week to $1.20, doubling its value over the past month.
Perpetual Protocol (PERP): PERP increased 7% to $1.03, reflecting a 20% rise over the week.
Highstreet (HIGH): HIGH rose 12% to $2.04, marking strong performance amid the announcement.
STPT: The token price has increased by 40% over the past month, trading at $0.05.
AVA: AVA increased 8% to $0.72, signaling short-term optimism despite the risk of impending delisting.
These positive moves reflect the overall bullish sentiment in the cryptocurrency market, which added nearly $1 trillion in November.
Market momentum and implications for investors.
Binance's delisting announcement coincides with strong market momentum, allowing affected altcoins to maintain a positive trajectory. For example, Gitcoin and Highstreet have garnered significant attention due to their strong performance, while BAND and PERP continue to show steady growth.
Bit Journal will continue to monitor these developments, as delisting can create both challenges and opportunities for investors. While Binance aims to refine its trading options, the market's resilience indicates that investor interest remains strong.