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One of the world’s largest cryptocurrency exchanges, Binance, announced on November 27, 2023, that it will delist all trading pairs for five altcoins and cease their trading. These altcoins are:
- Bitcoin Superstar (BTS)
- Perlin (PERL)
- Torn (TORN)
- Waltonchain (WTC)
This decision has resonated widely in the cryptocurrency market. So why did Binance take this decision? What will be the effects of this decision on the market?
Reasons for Binance’s Decision
According to Binance’s announcement, this decision was taken to provide a better experience for its users and to reduce risks. The exchange stated that the delisted altcoins had low market volume, inadequate liquidity, and were technically weak. Moreover, it was suggested that these altcoins could be associated with crimes such as fraud or money laundering.
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Market impacts of Binance’s decision
Binance’s decision caused significant drops in the prices of the delisted altcoins. The prices of BTS, PERL, and TORN tokens fell by over 50% following the announcement. The price of the WTC token dropped by more than 20%.
The longer-term effects of this decision on the market are not yet known. However, some analysts are concerned that this decision may lead to a loss of confidence in the cryptocurrency market. It is also indicated that it may cause significant losses for the investors of the delisted altcoins.
Binance’s decision is a significant development for the cryptocurrency market. This decision shows that exchanges are becoming more selective and are taking steps to reduce risks. However, the long-term effects of this decision on the market are not yet known.
Binance’s decision requires investors to be more careful before investing in cryptocurrencies. Considering the delisting risk, investors may prefer to invest in altcoins with high market volume and good liquidity.
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