⚠️🚨 Binance Removes 6 Cryptocurrencies: Instant Market Impact! 🚨⚠️

In a sudden move, cryptocurrency giant Binance has announced the removal of six altcoins from its platform, effective August 26, 2024. The affected assets are PowerPool ($CVP ), Ellipsis ($EPX), ForTube ($FOR), Loom Network ($LOOM ), Reef ($REEF ), and VGX Token ($VGX). This decision has already triggered a sharp market reaction, with significant price drops across the board.

🔴Immediate Market Impact

Following the announcement, the prices of the delisted cryptocurrencies plummeted:

- CVP, FOR, EPX, and VGX experienced a steep decline of approximately 40% within a single day.

- LOOM and REEF saw moderate drops of 14% and 23%, respectively.

🔴Reason for Delisting

Binance regularly evaluates listed digital assets to ensure they meet the highest standards, considering factors such as:

- Project team commitment

- Transaction volume

- Technological development quality

- Network security

When an asset no longer meets these criteria or market dynamics shift, Binance opts to delist to protect users and maintain a stable trading environment.

🔴Affected Trading Pairs

The removal affects the following trading pairs:

- CVP/USDT

- EPX/USDT

- FOR/BTC

- FOR/USDT

- LOOM/BTC

- LOOM/TRY

- LOOM/USDT

- REEF/TRY

- REEF/USDT

- VGX/USDT

All active trading orders will be automatically canceled after trading halts for each respective pair.

🔴Historical Precedent

Binance's delisting decisions have previously led to significant market disruptions. Earlier this year, similar actions were taken with Monero (XMR), Aragon (ANT), Multichain (MULTI), and Vai (VAI), all of which saw dramatic price declines following the announcements.

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