Binance has announced the discontinuation of spot trading pairs, which has resulted in substantial price declines for AXL, C98, and ENJ Coin.
On Wednesday, Binance, the world’s largest cryptocurrency exchange, intended to delist certain spot and margin trading pairs. The delisting is expected to affect a variety of cryptocurrencies, including Axelar (AXL), Coin98 (C98), Enjin Coin (ENJ), Bella Protocol (BEL), NULS, Lisk (LSK), Litentry (LIT), and SafePal (SFP). Consequently, the price of certain cryptocurrencies, including those previously mentioned, decreases in response.
Binance is delisting AXL, C98, and ENJ Coin Spot Trading Pairs
Binance disclosed its intention to discontinue the support of certain spot trading pairs for Axelar, Coin98, and Enjin Coin on January 8. The effect of the delisting will be at 03:00 UTC on January 10.
This decision was made in response to Binance’s routine market liquidity and trading volume evaluation. The exchange attributed the delisting of these pairs to low trading volume and poor liquidity.
Traders and investors have expressed apprehension regarding the decision to eliminate these trading pairs even though the affected tokens can still be traded alongside other assets on the platform. The delisting of pairs such as AXL/FDUSD, C98/BTC, and ENJ/ETH indicates a change in market dynamics, prompting users to adjust their positions accordingly.
Investors to observe liquidity concerns?
Additionally, the volatility of the affected tokens may be exacerbated, particularly during a crypto market crash, due to the removal of trading pairs from Binance. The exchange also announced discontinuing Spot Trading Bot services for the affected pairs.
It is recommended that users who have established automated trading bots for these pairs either cancel or modify them to prevent potential losses. This warning underscores the broader implications of delisting for traders who depend on automated strategies. The price of the affected tokens experienced a significant decline in response to the delisting news, which exacerbated the current market volatility.
Binance to Eliminate BEL, NULS, LSK, SFP, and LIT Margin Pairs
Binance Margin has announced the delisting of numerous cross and isolated margin trading pairs. The following are included in BTC pairs: NULS, Lisk (LSK), Litentry (LIT), SafePal (SFP), and Bella Protocol (BEL).
Asset transfers into Isolated Margin accounts are restricted to initiate the delisting process. Isolated margin borrowing will be discontinued on January 9. Before January 16, Binance recommended that users either liquidate their positions or transfer assets to Spot Accounts. All affected positions will be automatically settled on this date, and any pending orders will be cancelled.
Isolated margin pairs, including BEL/BTC, LIT/BTC, LSK/BTC, NULS/BTC, and SFP/BTC, will be delisted in addition to cross-margin pairs like LIT/BTC, NULS/BTC and SFP/BTC. One of the most prominent cryptocurrency exchanges underscored that users could not modify their positions during the delisting process, and failure to act promptly could lead to potential losses.
Despite these modifications, the affected tokens will continue to be tradable in other pairs. The exchange’s dedication to optimizing the user experience and preserving high-quality trading markets is reflected in this strategic move.
Price Reaction to Delisting Announcement
Axelar’s AXL price, trading at $0.65, experienced a 12% decline in the past 24 hours. It fluctuated between a low of $0.64 and a high of $0.74. AXL has a trading volume of $15.85 million and a current market capitalization of $583 million.
From its peak of $0.1884, the C98 token price of Coin98 experienced a 15% decline. It was trading at $0.16, with a 24-hour trading volume of $29 million and a market capitalization of $142 million.
In the past 24 hours, the price of Enjin Coin (ENJ) has decreased by 14%, trading at $0.21. It was traded within a 24-hour range of $0.2098 to $0.2495. The market capitalization of the ENJ token was $381 million, with a trading volume of $32 million.
Litentry (LIT), Bella Protocol (BEL), and NULS were also impacted, each experiencing a 13% decline. SafePal (SFP) experienced a 5% decline, while Lisk (LSK) experienced a 10% decline.
Furthermore, security concerns necessitated that Binance suspend Troy token BSC deposits. Due to this announcement, Troy’s price experienced a 40% decline, exacerbating the market’s bearish sentiment.
