Binance, the world’s leading cryptocurrency exchange, recently announced its decision to remove twelve trading pairs from its Liquid Swap platform. The delisted pairs include XRP/BUSD, MANA/BUSD, OP/BUSD, BEL/USDT, FTM/BUSD, FUN/USDT, GMT/BNB, GMT/ETH, HFT/USDT, IDEX/USDT, LEVER/USDT, and MAGIC/BTC. This move is part of Binance’s routine reviews aimed at streamlining liquidity, minimizing slippage, and enhancing transaction pricing.
To ensure a smooth transition for its users, Binance has assured them that their assets tied to these delisted liquidity pools will be seamlessly transferred back to their Spot wallets on October 17. It’s important to note that this delisting initiative will not affect trading corresponding pairs on Binance’s Spot platform.
This recent delisting comes after Binance’s decision to remove nineteen additional trading pairs, primarily composed of BUSD trading pairs. The purpose behind these delistings is to ensure user protection and sustain a top-tier trading environment. Factors considered during the review process include liquidity constraints and lackluster trading volume. Binance has previously disclosed its intention to cease support for the BUSD stablecoin’s operation starting next year.
One significant consequence of this delisting spree has been its impact on the price of XRP. XRP, a cryptocurrency that has faced legal challenges, experienced a significant drop, reaching a monthly low of approximately $0.48. This decline is notable considering the price point of nearly $0.55 it achieved following Ripple’s recent favorable legal outcome against the U.S. SEC.
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The broader cryptocurrency market is currently experiencing challenging conditions. Bitcoin remains in a bearish territory but manages to hold above the $26,500 threshold. Ethereum, the second-largest cryptocurrency by market capitalization, has fallen below the $1,550 mark. Altcoins are also feeling the heat, contributing to an overall bearish sentiment.
These market movements can be attributed, in part, to economic factors. Lower-than-anticipated inflation figures in the United States have propelled the U.S. Dollar Index upward, resulting in higher treasury yields. This development has put pressure on riskier asset classes, including cryptocurrencies. Consequently, the crypto market has sustained a marginal dip for six consecutive days. The release of September’s Consumer Price Index (CPI) data in the United States has caused the US Dollar Index to rise, further applying pressure to risk-on assets such as equities and cryptocurrencies.
The impact of these market conditions is not limited to Bitcoin and XRP. Other leading cryptocurrencies, such as Toncoin and Solana, have registered around a 3 percent decline. Meanwhile, Tron, Polkadot, and Polygon have shed roughly 1 percent each. Shiba Inu and USD Coin, a U.S. dollar-pegged cryptocurrency, have exhibited marginal gains in early trading.
In terms of market capitalization, the global cryptocurrency market has sustained a notable dip, hovering at approximately $1.04 trillion. This marks a decrease of roughly half a percent over the last 24 hours. Simultaneously, total trading volumes have witnessed a downturn, declining by approximately 13 percent to $22.64 billion.
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