In the ongoing struggle of the cryptocurrency market, the world’s largest crypto exchange, Binance, announced on April 10, 2024, that it will soon delist several spot trading pairs from the exchange. According to the report, BAKE/BNB, ID/TUSD, MBOX/BNB, OP/TUSD, RDNT/TUSD, and UNI/BNB are the spot trading pairs that will be delisted.
Why Binance is delisting spot trading pairs?
However, Binance will not only delist but also list several spot trading pairs, including CKB/USDC, ENA/USDC, ETHFI/USDC, and YGG/USDC. In the listing, tokens recently launched ENA and ETHFI will also be available with USDC pairs. Following the upcoming listing with the USDC pair, the ENA token experienced a massive 11% upside momentum, whereas ETHFI experienced a significant 7% downside momentum.
This is not the first time Binance has delisted spot trading pairs. In a previous report, Binance stated that user safety is their top priority, and delisting tokens aims to safeguard investors and traders. According to the previous report, Binance periodically reviews every listed spot trading pair on the exchange to ensure that all listed assets or spot trading pairs consistently meet a high level of standards. Additionally, when these assets fail to maintain the standard of the exchange or do not follow the Binance or industry norm, thorough research is conducted, and those assets may be delisted.
Ethena price-performance analysis
Currently, Ethena’s ENA is trading near $1.41, and in the last 24 hours, it experienced an 11% upside momentum. If we look at the performance of the ENA tokens over a longer period, in the last 7 days, ENA gained a massive 52% upside momentum, whereas, in the last 30 days, ENA tokens experienced over a 100% price surge. Earlier this year, Binance delisted several spot trading pairs, including ANT/BTC, ANT/USDT, MULTI/USDT, USDT/VAI, and XMR/BNB, XMR/BTC, XMR/ETH, XMR/USDT.
Besides the delisting of spot trading pairs, the overall cryptocurrency market is struggling to gain momentum following the release of U.S. CPI data. Amid this struggle, top cryptocurrencies like Binance Ethereum, Solana, Cardano, and many other tokens are highly impacted. Additionally, they have also experienced a massive fall in their value.
