Binance Removes 6 Altcoins: Immediate Consequences! đ¨â ď¸
Global crypto giant Binance has just announced the removal of six altcoins from its platform, a decision that has already sent shockwaves through the market. The affected assets are PowerPool ($CVP ), Ellipsis ($EPX), ForTube ($FOR ), Loom Network ($LOOM), Reef ($REEF ), and VGX Token ($VGX). This delisting will take effect on August 26, 2024.
Key Details and Impact:
Immediate Market Reaction:
Following the announcement, the prices of these cryptocurrencies plummeted. CVP, FOR, EPX, and VGX experienced a steep decline of around 40% within a single day.LOOM and REEF also saw significant drops, though more moderate at 14% and 23% respectively.
Reason for Delisting:
Binance routinely evaluates the digital assets listed on its platform to ensure they meet the highest standards. The exchange takes into account factors such as project team commitment, transaction volume, quality of technological developments, and network security.When an asset no longer meets these criteria or the 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, and VGX/USDT.All active trading orders will be automatically canceled after trading halts for each respective pair.
Historical Precedent:
Binanceâs 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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