The cryptocurrency market is experiencing significant increases following the Fed’s interest rate decision. The leading cryptocurrency, Bitcoin, has made a significant rally, exceeding the $63,000 level. Many altcoins are performing similarly or better. However, there are also some tokens that are moving in the opposite direction of the market; among these are altcoins that crypto exchange Bybit has delisted.

Bybit Removes Five Tokens From Futures Market!

Bybit, a major crypto exchange, has announced that it will be removing five altcoins from its futures market: DAO Maker (DAO), VGX Token (VGX), Loom Network (LOOM), Unizen (ZCX), and Map Protocol (MAPO). The exchange stated that the perpetual contracts of these altcoins, named DAOUSDT, VGXUSDT, LOOMUSDT, ZCXUSDT, and MAPOUSDT, will be removed from the platform as of 13:00 GMT on September 24, 2024. In addition, the exchange announced that it will automatically cancel all active or conditional orders related to these perpetual contracts, and that open positions will be closed at a closing price based on the average index price 30 minutes before the delisting. Bybit announced that these contracts will no longer be supported by Trading Bots, and all unfilled orders on Copy-Trade will also be automatically canceled.

Two Altcoins Prices Drop Sharply After Delist News

Some of these tokens have seen significant declines following the delisting news. Unizen (ZCX) price fell from $0.091 to $0.0598 intraday due to the news. The token has since recouped some of its losses and was trading at $0.07615 at the time of writing, down 12.4% on a daily basis. Meanwhile, trading volume has increased by a significant 81.5%, which can be attributed to sell traders.

VGX Token (VGX) has also seen a similar decline, with its price dropping from $0.02315 to $0.0183 during the day before recouping some of its losses to trade at $0.020 at time of writing, down 13.2% on a daily basis. VGX’s trading volume has also increased by a staggering 276%, suggesting that traders are selling.

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