Binance, the global cryptocurrency exchange, recently announced its latest altcoin listings, introducing several new USDC Forex pairs.
The move has come as part of the platforms need to enhance trading options for its users while controlling the focus of trading activity in major cryptocurrencies like Bitcoin and Ethereum
Upcoming Delistings and Other Developments
In an official announcement on July 31, Binance revealed its plans to list several key tokens in USDC trading pairs on cross and isolated margins. The new pairs include JTO/USDC, LDO/USDC, STX/USDC, EOS/USDC, and CKB/USD, the exchange also added other pairs like MANTA/USDC, OMNI/USDC, and PIXEL/USDC
This new addition is the part of Binance continuous efforts to expand its trading choice among its essential customers who interact with the platform daily, allowing users greater diversification of their portfolios and more flexibility with trading strategies. This is also seen as a strategy to reduce the load on bigger coins like BTC and ETH and to minimize the risk involved in trading.
Moreover, on August 2, 2024, Binance is set to remove several trading pairs, including ADA/TUSD, AEVO/BNB, AST/BTC, and MANTA/BNB. However, the tokens will still be available for trading in other pairs on Binance Spot.
Market Reactions to New Listings
According to coin market cap,there was a notable price increase in several newly listed tokens. Jito (JTO) saw a 2.5% increase, with its price reaching $3.21 at the time of writing.The token’s 24-hour low and high were recorded at $3.07 and $3.35, respectively, though its trading volume has shown a decrease of 16.83% in the same period. Jito’s future open interests also recorded a substantial rise, increasing by over 17% in the last four hours.
Following the announcement, both Lido DAO (LDO) and Stacks (STX) recorded a 3% price increase. The buying interest primarily came from futures traders, with Lido DAO and Stacks futures each seeing a 3% rise in the last four hours. The major buying activity occurred on Binance and Bybit exchanges, although traders remain cautious ahead of the US Federal Reserve’s rate decision.
Lida Dao(LDO) and Stacks(STX) have recorded their race with Stacks currently leading with a price value of $1.80 while Lida Dao reading at $1.64.
Other tokens, such as EOS, Nervous Network (CKB), MANTA, PIXEL, and OMNI, also saw slight rebounds in their prices. Despite these increases, these tokens continue to face market pressures and have yet to see a substantial recovery.
In a related update, Binance highlighted the addition of Render (RENDER) to its loanable assets. This follows Render’s shift from the Ethereum blockchain to Solana, reflecting Binance’s commitment to offering a broad option of assets and opportunities to its users.
These developments show Binance’s aim of continuously updating its platform to meet the diverse needs of its global customers , positioning itself as a key player in the cryptocurrency market for 2024.
