Important Binance Announcement That Concerns Cardano (ADA) and Dogecoin (DOGE) Traders
TL;DR
- Binance Expands Margin Trading: Binance, a leading cryptocurrency exchange, has added new cross-margin pairs, including ADA and DOGE, to its trading options following their inclusion in its Isolated Margin program.
- Impact on Trading and Volatility: The addition of these assets to Binance’s Margin trading could affect their liquidity and trading volume, potentially leading to changes in market volatility.
- Binance’s Operational Adjustments: Alongside adding new pairs, Binance also occasionally delists certain cryptocurrencies, which can influence the market dynamics of the affected digital assets.
Binance Shows Further Support for ADA and DOGE
The world’s largest cryptocurrency exchange – Binance – expanded its Margin services, allowing users additional trading options. Most recently, the company added ten new cross-margin pairs, including ADA/ FDUSD, DOGE/FDUSD, MATIC/FDUSD, LINK/FDUSD, and more.
Its decision comes approximately two weeks after it placed ADA/FDUSD and DOGE/FDUSD in its Isolated Margin program.
It is worth mentioning that Margin trading enables people to access funds from the exchange for use in leveraged trades. Such action could bring greater profits but also more substantial losses if the market goes in the opposite direction.
Additional support from a crypto behemoth like Binance and placing an asset in the aforementioned program could increase the liquidity and trading volume of the involved token, which might lead to enhanced volatility.
Most of the coins included in the offering, such as DOGE, LINK, and AVAX have experienced little-to-no price swings. Polygon (MATIC), on the other hand, has slightly risen, being up almost 4% in the past 24 hours and 13% on a weekly basis.
Binance’s Delisting Efforts
Besides adding new trading pairs occasionally, the leading crypto marketplace also removes such whenever it feels necessary. Last week, it vowed to scrap 11 spot trading pairs focused on the British pound, with XRP/GBP, SOL/GBP, ADA/GBP, BTC/GBP, and ETH/GPT being some examples. The amendments are scheduled to come into effect on December 29.
Such a delisting spree might negatively affect the prices of the digital assets participating in the trading pairs as it could reduce their liquidity or cause reputational damage. This was not the case this time, with Solana (SOL) launching a real bull run in the past few days.
The token’s price reached a 20-month high of almost $125 (per CoinGecko’s data) before retracing to its current level of approximately $115.
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