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Binance Continues Asset Delisting Spree As Crypto Winter Bites Hard, Is Relief Coming In 2023?

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

Binance, the world’s largest exchange by daily trading volume, went on a delisting spree this week. The terms of service of the exchange state that the company reserves the right to remove any asset from the list to ensure the best user experience. For this reason, Binance undertakes periodic reviews that enable it to remove tokens that do not meet the threshold, particularly on transaction volumes.

These trading pairs are no longer available on Binance

Wednesday, Binance announced that it will remove and cease trading for several trading pairs, including ANC/BNB, ANC/BTC, ANC/USDT, MIR/BTC, MIR/USDT, TORN/BTC, TORN/USDT, and YFII/BTC. This deletion will take place on December 27 at 03:00 GMT.

Users can continue to trade all of the above assets on other trading pairs available on the platform. Strategy trading services for all spot trading pairs will also cease on the same day. Users must cancel all strategy trading services before the deadline to avoid incurring losses.

Binance Margin continued its wave of delistings on Thursday, removing FET, FORTH, KEY, MBOX, and WIN as cross-margin borrowable assets. AION and BTS didn’t make the cut for 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. The isolated margin pairs are AION/BTC, AION/USDT, BTS/BTC and BTS/USDT.

All Wallet Margin users have been requested to transfer affected assets from the Margin Wallet to the Spot Wallet and top up Margin balances as necessary by 05 January 2023 00:00 GMT.

Bitcoin Price Seeks Bottom as Crypto Winter Bites

The price of bitcoin fell $18,400 last week when the US Federal Reserve (Fed) raised interest rates by 0.5%. Before the Fed made the announcement, crypto markets reacted with a relief rally to better-than-expected US consumerism Price index (CPI).

Although the regulator acknowledged that inflation was falling, the Bitcoin price took another hit. Traders are currently watching to see if the support at $16,000 will hold, before targeting a rally to $20,000 in 2023.

BTC/USD daily chart

A confirmed break below the dashed downtrend line and support at $16,000 could trigger another selloff. The next possible peg is at $15,800, but some analysts believe BTC could bottom out at $12,000, suggesting more pain ahead.

Most crypto assets are in the red, trying to stay afloat in the aftermath of FTX’s collapse. Institutional investors may stay away from the market due to a loss of confidence, especially in centralized exchanges like Binance.

A relief rally 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 soaring inflation around the world.

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