Cryptocurrency exchange Binance triggered a wave of market concerns this Wednesday by revealing plans to delist seven crypto trading pairs shortly ahead. The exchange announced on April 9 that it is delisting specific pairs for ACT, ALPHA, BLUR, CELR, PENGU, POND, and RUNE tokens as soon as this weekend. As a result, market onlookers are expecting additional heat on the assets’ prices amid an incessant broader market slump.
Binance To Delist 7 Crypto Trading Pairs This Week: Why Are Investors Cautious?
Binance’s recent announcement disclosed that the following spot trading pairs will be delisted on April 11 at 03:00 UTC:
ACT/BRL,
ALPHA/BTC
BLUR/BTC
CELR/BTC
PENGU/BNB
POND/BTC
RUNE/BNB
The decision to delist these spot trading pairs comes as the exchange looks to protect its users from emerging market risks while also maintaining a high-quality trading experience despite broader volatile trends.
Notably, the delisting process also comes as these spot trading pairs exhibit poor liquidity and low trading volume, among other negative market reasons. However, “the delisting of a spot trading pair does not affect the availability of the tokens on Binance Spot,” the announcement added.
Additionally, the leading crypto exchange will also terminate spot trading bot services for the abovementioned pairs on the same date and time. Users can still trade the spot trading pair’s base and quote assets on the platform.
Overall, the delisting announcement ignited a bearish market wave, given that similar historical chronicles usually ushered in price volatility. CoinGape earlier reported that Binance announced plans to delist GALA, PERP, and two other crypto tokens, reverberating bearishness surrounding their prices.
GALA’s price lost over 30% in value since the delisting announcement on March 26 to date. Similarly, PERP price cracked nearly 50% since the same. These waning price actions have in turn garnered bearish sentiments toward the abovementioned tokens.
Further, the broader crypto market uncertainty due to macroeconomic trends has put additional pressure on crypto prices. As a result, market participants reflect a highly cautious approach when it comes to the seven tokens, whilst others may look to sell to avoid losses, bringing more heat to prices ahead.
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