Binance, the world’s largest cryptocurrency exchange (learn more about Binance), often updates its platform to offer better services to its users. It recently revealed that it will add five new trading pairs for its customers.
Here’s What’s New
Binance announced that starting December 24, users will be able to trade the following pairs on Binance Spot:
- Cardano (ADA) to USD1
- Aster (ASTER) to USD1
- Terra (LUNA) to USDC
- Terra Luna Classic (LUNC) to USDC
- Zcash (ZEC) to USD1
Additionally, the platform will introduce Trading Bots for these pairs. These bots are automated tools that assist users in trading without constant manual input.
As a bonus, users will get discounted transaction fees (called taker fees) on all new and existing USDC trading pairs. However, these new services won’t be available to people in certain countries like Canada, the USA, Cuba, Iran, and the Netherlands.
Impact of Binance Support
Whenever Binance adds a cryptocurrency to its offerings, it usually boosts the performance of that asset. This is because Binance is highly popular, and being listed there increases demand, visibility, and trust in the token.
Following this announcement, Cardano (ADA) saw its price increase by 4% to about $0.37 (learn more about ADA). Aster (ASTER) rose 3.5%, reaching $0.72. Other tokens like Terra (LUNA) and Terra Luna Classic (LUNC) also saw positive changes. LUNA was the top performer with a 13% rise in value (learn more about Terra). Meanwhile, Zcash (ZEC) and LUNC experienced smaller price increases (learn more about Zcash).
It’s also worth noting that the overall cryptocurrency market has been recovering. For example, Bitcoin (BTC) has crossed $90,000, and Ethereum (ETH) is back above $3,000 (learn more about Bitcoin) (learn more about Ethereum).
What Happens During Delisting?
While Binance adds new trading pairs, it also occasionally removes ones that aren’t performing well. Reasons include low trading activity, lack of market interest, or security issues. Unfortunately, when a cryptocurrency is removed (or delisted), its value tends to drop significantly.
For example, in September, Binance stopped supporting BakerySwap (BAKE), Hifi Finance (HIFI), and Self Chain (SLF). After the announcement, the prices of these cryptocurrencies quickly fell. In another similar case in October, the value of Kadena (KDA) dropped by 30% after Binance decided to delist it.
This highlights how much the market depends on platforms like Binance for visibility and liquidity.