Leading cryptocurrency exchange Binance has announced the expansion of its offerings to include new trading pairs for several coins, including CATI, Hedera (HBAR), Mantra (OM), FDUSD, RAY, and Bitsensor (TAO), which has raised investor optimism about the future of these coins.
The announcement came in an official statement issued on November 25, where the platform added USDC-collateralized margin pairs for several of these currencies, aiming to improve the trading experience for users and provide stable and low-risk options for margin traders.
Binance stated in its statement that the new update comes to enhance users' trading experience, while offering more stable financial assets to margin traders.
The platform advised its users to check the latest margin data on its platform to keep up with the latest available assets and information related to limits, collateral ratios and fees.
This new addition will increase the interaction between traders and investors with the supported assets, which will enhance optimism about future market movements.
Binance's Impact on Cryptocurrency Prices
Despite the new additions to the trading offerings, the listed currencies saw volatile movements during the day. Despite the new updates to the trading offerings, the listed currencies saw varying daily volatility.
Historically, the effect of cryptocurrency listings on major exchanges like Binance is known to be a significant increase in their price, known as the “Binance Effect.” According to an analysis by Ren & Heinrich, token prices rose by 73% in the first 30 days after listing on Binance, with a 41% increase on the first day of listing.
This effect is attributed to the huge trading volume on the platform, which attracts the attention of traders and investors towards the newly listed coins. However, investors should be careful, as these increases may be temporary, and may be followed by price corrections.
