• 18 June, 2024
Market News

XMR Price Tumbles Following Binance’s Announcement of Token Delistings

Binance recently announced the delisting of several tokens by February 20, 2024, with Aragon (ANT), Multichain (MULTI), Vai (VAI) and Monero (XMR) being affected. This move has seen a significant fall in the price of XMR, which has dropped by 11.841% in the last 24 hours.

Binance exchange conducts periodic reviews to ensure listed digital assets meet their high standards. Factors influencing these decisions range from the team’s commitment to the project to the asset’s trading volume and network stability. Hence, the delisting aims to protect Binance users.

Moreover, the specific trading pairs to be removed are ANT/BTC, ANT/USDT, MULTI/USDT, USDT/VAI, XMR/BNB, XMR/BTC, XMR/ETH, and XMR/USDT. All trade orders for these pairs will be automatically canceled post-delisting. Additionally, Binance has outlined important dates for users to manage their assets, including deadlines for deposits, withdrawals, and automatic conversion possibilities into stablecoins.

Besides the spot market changes, Binance’s comprehensive delisting process affects various other services. These include Binance Simple Earn, Auto-Invest, Loans, Margin trading, Futures, Convert, Gift Card, and Pay services. Each service will see the aforementioned tokens removed on specified dates leading up to the final delisting.

The impact on Monero has been notably significant, with its price dropping to $137.82. This places Monero at the 35th spot in terms of market capitalization, which now stands at approximately $2.7 billion. The sudden price fall reflects the market’s reaction to the delisting news.

Furthermore, Binance has advised users to closely monitor their investments and take necessary actions to mitigate potential losses. This includes redeeming products, closing loan positions, and transferring assets from margin wallets.

As of the latest update, Aragon is valued at $5.88 showcasing a 0.27% growth in the last 24 hours while Multichain is priced at $1.60 reflecting a 23.95% plummet over the same period. Concurrently, VAI is valued at $0.9831, a 1.49% drop in the past 24 hours.

The decision by Binance to delist some tokens represents the exchange’s resolve to ensure securities and stability in their trading system. However, it also shows that the cryptocurrency market can be quite volatile as policies of cryptocurrency exchanges may lead to significant fluctuations in token prices.

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