Binance continues asset de-listing spree as crypto winter bites hard, is relief coming in 2023?
- Binance announces that it will no longer offer FORTH, KEY, MBOX, WIN as borrowable assets from cross margin.
- The Malta-based exchange had on Wednesday cut eight trading pairs, including ANC/BN, ANC/BTC, ANC/USDT, MIR/BTC.
- Crypto markets likely to end 2022 in the red, with Bitcoin price sinking to $16,000 last week.
Binance, the world’s largest exchange by daily traded volume, has been on a de-listing spree this week. The exchange’s terms of service say the company reserves the right to de-list any asset to ensure the best user experience. For this reason, Binance undertakes periodical reviews that allow it to remove tokens that don’t meet the threshold, especially on trading volumes.
These trading pairs are no longer available on Binance
On Wednesday, Binance announced that it would remove and cease trading for several trading pairs, including ANC/BNB, ANC/BTC, ANC/USDT, MIR/BTC, MIR/USDT, TORN/BTC, TORN/USDT and YFII/BTC. This removal will happen on December 27 at 03:00 GMT.
Users can continue trading all the above assets on other trading pairs available on the platform. Strategy trading services for all spot trading pairs will also cease on the same day. Users must cancel any strategy trading services before the deadline to avoid incurring losses.
Binance Margin continued with the de-listing spree on Thursday, axing FET, FORTH, KEY, MBOX and WIN as borrowable assets from cross-margin. AION and BTS did not make the cut for the isolated margin feature.
The cross-margin pairs that will cease trading on Binance are FET/BTC, FET/BUSD, FET/USDT, FORTH/BUSD, FORTH/USDT, KEY/USDT, MBOX/BTC, MBOX/BUSD, MBOX/USDT, WIN/BUSD, WIN/USDT. The isolated margin pairs are AION/BTC, AION/USDT, BTS/BTC, and BTS/USDT.
All portfolio margin users were requested to transfer affected assets from the margin wallet to the spot wallet and to top up margin balances if needed before January 5, 2023, at 0:00 GMT.
Bitcoin price looks for bottom as crypto winter bites
Bitcoin price dropped from $18,400 last week when the United States Federal Reserve (Fed) hiked interest rates by 0.5%. Before the Fed made the announcement, crypto markets reacted with a relief rally to better-than-expected US Consumer Price Index (CPI) figures.
Despite the regulator acknowledging inflation was easing, Bitcoin price took another hit. Traders are currently watching to see if support at $16,000 will hold, before targeting a rally to $20,000 turning into 2023.
BTC/USD daily chart
A confirmed break below the dotted falling trend line and support at $16,000 could trigger another sell-off. The next possible anchor holds at $15,800, but some analysts believe BTC may bottom at $12,000, suggesting more pain ahead.
Most crypto assets are in the red, trying to stay afloat amid the aftermath of the collapse of FTX. Institutional investors may keep off the market due to a loss of confidence, especially in centralized exchanges like Binance.
A relief rally in the first quarter of 2023 could be a pipe dream now that China and Europe are grappling with a potentially severe COVID-19 wave, not to mention the ballooning inflation worldwide.
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Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
