Binance continues delisting move as crypto winter bites hard, is relief coming in 2023?

  • Binance announces that it will no longer offer FORTH, KEY, MBOX, WIN as assets that can be borrowed on cross-margin.
  • The Malta-based exchange cut eight trading pairs on Wednesday, including ANC/BN, ANC/BTC, ANC/USDT, MIR/BTC.
  • Crypto markets are likely to end 2022 in the red, with the price of Bitcoin falling to $16,000 last week.

Binance, the world’s largest exchange by daily turnover, was in the process of delisting this week. The exchange’s terms of service say the company reserves the right to delist any property to ensure the best user experience. For this reason, Binance undertakes periodic reviews that allow it to remove tokens that do not meet the threshold, especially on trading volume.

These trading pairs are no longer available on Binance

On Wednesday, Binance announced that it will remove and suspend 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 take place on December 27th at 03:00 GMT.

Users can continue to trade all the above assets on other trading pairs available on the platform. Strategic trading services for all spot trading pairs will also end on the same day. Users must cancel all strategy trading services before the expiration date to avoid losses.

Binance Margin continued its delisting move on Thursday, removing FET, FORTH, KEY, MBOX and WIN as cross-margin lending assets. AION and BTS were not included in the isolated margin feature.

The cross-margin pairs that will stop 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. Isolated margin pairs are AION/BTC, AION/USDT, BTS/BTC and BTS/USDT.

All portfolio margin users have been requested to transfer the affected assets from the margin wallet to the spot wallet and to replenish the margin if necessary before January 5, 2023 at 00:00 GMT.

Bitcoin price bottoms out as crypto winter bites

The price of bitcoin fell from $18,400 last week when the United States Federal Reserve (Fed) raised interest rates by 0.5%. Ahead of the Fed’s announcement, crypto markets reacted with relief to the better-than-expected consumer price index (CPI) numbers in the US.

Despite the regulator admitting that inflation is subsiding, the price of Bitcoin has suffered another blow. Traders are currently watching to see if the $16,000 support holds, before targeting a rise to $20,000 in 2023.

BTC/USD daily chart

BTC/USD daily chart

A confirmed break below the broken downtrend line and support at $16,000 could trigger another selloff. The next possible anchor is held at $15,800, but some analysts believe that BTC could fall to $12,000, suggesting that more trouble is ahead.

Most crypto assets are in the red, trying to hold on amid the fallout from the FTX collapse. Institutional investors may stay out of the market due to a loss of confidence, especially in centralized exchanges such as Binance.

A recovery in aid in the first quarter of 2023 could be a pipe dream now that China and Europe are grappling with a potentially severe wave of COVID-19, not to mention rising inflation around the world.

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