- Binance, the world’s top crypto exchange, will remove 12 trading pairs from its platform on October 17 due to periodic reviews.
- XRP’s price dropped significantly following the delisting, impacting the broader crypto market.
Binance, the world’s largest cryptocurrency exchange, has made waves with its recent announcement to remove twelve trading pairs from its Liquid Swap platform, effective October 17. The impacted pairs, including 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, are facing the axe as part of Binance’s routine reviews aimed at streamlining liquidity, minimizing slippage, and enhancing transaction pricing.
In a customer-centric move, Binance has assured users that their assets tied to these delisted liquidity pools will be seamlessly transferred back to their Spot wallets on October 17. Importantly, this delisting initiative will not affect trading corresponding pairs on Binance’s Spot platform.
This recent move follows Binance’s prior decision this month, where it delisted nineteen additional trading pairs, primarily composed of BUSD trading pairs. Binance’s reasoning for these delistings was to ensure user protection and sustain a top-tier trading environment. Factors weighed during the review process encompassed liquidity constraints and lackluster trading volume.
Furthermore, Binance had previously disclosed its intent to cease support for the BUSD stablecoin’s operation commencing next year.
Ripples Felt in XRP’s Price
One noteworthy outcome stemming from this delisting spree has been its influence on the price of XRP. XRP, a cryptocurrency that has navigated a complex legal landscape, witnessed a significant dip, reaching a monthly low of approximately $0.48.
This tumble holds particular significance compared to the nearly $0.55 price point it achieved following Ripple’s recent favorable legal outcome against the U.S. SEC.
Market Conditions and Sentiment
The broader cryptocurrency market is grappling with challenging circumstances. Bitcoin remains in a bearish territory but manages to hold above the $26,500 threshold. Ethereum, the second-largest cryptocurrency by market capitalization, has descended 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, pushing treasury yields higher. This development has exerted 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, applying pressure to risk-on assets such as equities and cryptocurrencies.
Wide-Ranging Market Impact
Other leading cryptocurrencies are also experiencing a decline, not confining the pressure to Bitcoin and XRP. Tokens such as Toncoin and Solana have registered around a 3 percent dip. Meanwhile, Tron, Polkadot, and Polygon shed roughly 1 percent each. Shiba Inu and the 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, marking 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.
