Binance’s Important Updates: New Loanable Assets And Margin Trading Pair Delistings
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Binance’s New Loanable Assets
Leading cryptocurrency exchange Binance has made significant updates to its platform. One of the updates is the introduction of new loanable assets. These changes come amidst market turbulence triggered by Bitcoin’s recent price swing.
Beginning on March 6, 2024, Binance users will have access to additional loanable assets, notably NEAR, FIL, and XLM. This expansion of Binance Loans’ offerings signals the platform’s commitment to providing diversified financial services to its global user base.
However, Binance announced the impending delisting of 16 margin trading pairs, effective March 15. Such pairs include BAL/BTC, ALICE/BTC, SXP/BNB, OAX/BTC, BOND/BTC, HARD/BTC, and CHESS/BTC.
The announcement of these changes coincided with significant price fluctuations in various cryptocurrencies, particularly those on this list. Coins such as BOND, SXP, and CHESS experienced notable price declines shortly after Binance’s announcement.
However, the broader market correction following Bitcoin’s recent price volatility contributed to these declines.
Bitcoin Volatility And Market Corrections
After reclaiming its all-time high price of over $69,000 on March 5, 2024, BTC plunged to as low as $59,000 within a few hours. However, the leading cryptocurrency has recovered and trades at around $67,175, according to current CoinGecko data.
Earlier this week, Binance expanded its offering of spot trading pairs by adding UNI/FDUSD, PEPE/FDUSD, OM/TRY, STRK/USDC, PIXEL/USDC, and THETA/TRY. These additions further diversify Binance users’ trading options, catering to their needs and preferences.
Moreover, Binance has not been shy about discontinuing support for cryptocurrencies no longer compatible with its platform’s policies. Last month, the exchange terminated support for Monero (XMR) and three other altcoins – Multichain (MULTI), Aragon (ANT), and Vai (VAI).
This move reflects Binance’s commitment to regulatory compliance and risk management in an increasingly scrutinized industry. To explore opportunities in the newly introduced loanable assets on Binance Loans, users must upgrade their Binance app to version 2.78.0 for iOS or Android users.
The exchange emphasized that older app versions will not support the placement of new Binance Loans (Flexible Rate) orders, urging users to update their Binance apps to access the latest features.
Bullish Sentiment: Bitrue Teases Listing Of XRP Trading Pairs
Meanwhile, leading Singapore-based crypto exchange Bitrue has hinted at the potential listing of new XRP trading pairs. The announcement via its social media handle on X has caused tremendous excitement within the XRP community.
However, Bitrue also solicited feedback from interested traders on which pairs they would like added. Unsurprisingly, members of the XRP community have eagerly voiced their suggestions for new trading pairs.
Currently, Bitrue offers over 80 tradable pairs for XRP, including popular options such as XRP/BTC, XRP/USDT, and XRP/ETH, among others. With plans to introduce new trading pairs, the number of supported options for the sixth-largest cryptocurrency by market capitalization could exceed 100, providing traders with broader opportunities to diversify their portfolios.
Bitrue’s Growing Support For XRP
Bitrue’s proactive stance towards XRP is not unexpected, considering the exchange’s ongoing efforts to promote the widespread adoption of the digital asset. In recent months, Bitrue has been vocal in its support for XRP, encouraging its followers to consider investing in the cryptocurrency.
It has also been making bullish comments about its long-term prospects. Furthermore, the exchange has actively engaged with the XRP community through initiatives such as airdrops and trading competitions to incentivize XRP holders.
The timing of Bitrue’s announcement comes when the broader crypto market is experiencing a bullish trend. While XRP has not seen significant gains in the current rally, other cryptocurrencies have recently witnessed substantial price appreciation.
For instance, Bitcoin recently surpassed its all-time high, reaching a price above $68,000 before experiencing a slight pullback. Nevertheless, the overall sentiment in the crypto market remains positive, with investors buoyed by the prospect of further gains and adoption. At the time of writing, XRP is trading at $0.61, down 5.58% over the past 24 hours per Coinmarketcap data.
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