15 hours ago
TL;DR Binance’s delisting announcement has been followed by double-digit price declines for the affected assets. In contrast, the company’s addition of new trading pairs often leads to significant price surges, as seen with numerous altcoins in the recent past. The Delisting Spree The world’s largest cryptocurrency exchange decided to remove several margin trading pairs from its platform. According to the official announcement , LIT/BTC, NULS/BTC, SFP/BTC, BEL/BTC, LIT/BTC, LSK/BTC, NULS/BTC, and SFP/BTC will become unavailable to clients from January 16 . “Effective immediately, users will no longer be able to transfer any amount of assets of the aforementioned pair (s) via manual transfers and Auto-Transfer Mode into their Isolated Margin accounts. If users hold outstanding liabilities of said tokens, these users may only manually transfer up to the amount of liabilities of that token into their Isolated Margin accounts, less any collateral already available,” the company explained. Additionally, Binance will delist the spot trading pairs AXL/FDUSD, C98/BTC, and ENJ/ETH on January 10 . The company periodically conducts such amendments “to protect users and maintain a high-quality trading market.” It takes several factors into consideration when removing trading pairs, including poor liquidity and trading volume. Withdrawing support from a major crypto exchange like Binance typically has a negative effect on the prices of the affected digital assets since it causes reputational damage and limited accessibility (among other setbacks). Literally, all involved cryptocurrencies in the delisting efforts have headed south in the past 24 hours, with many experiencing double-digit declines. It is worth noting that the correction of the broader digital asset market could have also contributed to their poor performance. Recall that Bitcoin (BTC) soared above $102,000 on January 7, but several hours later, it nosedived by more than seven grand. Currently, it trades at around $95,500, while Ethereum (ETH) plunged below $3,400. The crash resulted in over $700 million in liquidations, as approximately 90% of the wrecked traders had opened long positions. The Opposite Effect Besides removing certain trading pairs, Binance also often adds new ones to respond to ongoing market trends and enhance its services. The involved cryptocurrencies usually witness a substantial price resurgence following those actions . Such was the case in November last year when the company listed Cow Protocol (COW) and Cetus Protocol (CETUS). Both assets saw their valuations skyrocketing by 70% shortly after the disclosure . Several weeks ago, the meme coin launched on the BNB chain – Simon’s Cat (CAT) – also pumped significantly. This happened mere hours after Binance included it in its HODLer Airdrops Portal. The post Important Binance Announcement Affecting Numerous Altcoin Traders appeared first on CryptoPotato .
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Peter Schiff: ‘US Govt Won’t Be’ Buying Bitcoin: Is That True?
Before winning the 2024 presidential election in a landmark victory for the cryptocurrency sector, former president Donald Trump promised to establish a national Bitcoin reserve. As a result, crypto markets have been making big bets on Bitcoin’s price increasing throughout 2025. But Trump hasn’t yet committed the federal government to making any new Bitcoin purchases. His more modest plan is to simply freeze the Bitcoin the government has already seized from those like Ross Ulbricht, who broke the law. So does that mean Schiff is right, and the government won’t be buying Bitcoin, even with Trump in charge? That’s not necessarily so. Wyoming Senator Cynthia Lummis (R-WY) has a more radical proposal for the government in Washington to purchase one million BTC over five years. Accordingly, unless Schiff knows something that markets don’t yet, it is entirely possible that the pro-crypto Republican Congress and White House could send the government on a BTC buying spree in Trump’s second term. Peter Schiff: Govt Won’t Be Buying Bitcoin Once it becomes obvious that the U.S. Govt. won’t be buying #Bitcoin , those who bought hoping to front-run that buying will sell. @saylor will be forced to accelerate his leveraged Bitcoin purchases to prevent a crash. But this will only delay the crash until $MSTR crashes first. — Peter Schiff (@PeterSchiff) January 8, 2025 After MicroStrategy announced its most recent monster purchase of Bitcoin—1,070 BTC for $101 million—the asset’s price surged within an hour. “But this will only delay the crash until $MSTR crashes first,” Schiff added. Lifelong Goldbug ‘Hates’ BTC ‘Speculative Mania’ It’s not that I hate Bitcoin itself. I hate the speculative mania in Bitcoin that has caused a huge misallocation of capital, which will cause millions to lose sums far greater than they can afford, and which will tarnish the image of sound money and libertarian principals. — Peter Schiff (@PeterSchiff) January 8, 2025 In reply to a commenter who asked, “Why do you hate Bitcoin so much, Peter?” the global hedge fund capitalist answered, “It’s not that I hate Bitcoin itself. I hate the speculative mania in Bitcoin that has caused a huge misallocation of capital.” It’s true that there are winners and losers in the volatile cryptocurrency exchange markets and that there are frequently BTC bubbles with steep corrections. But it’s not necessarily a flaw inherent to Bitcoin or to the cryptocurrency’s most vocal supporters. Crypto markets aren’t really different from stocks in this regard. They’re just more extreme because of the liquidity and velocity of these 24-hour-a-day markets, managed by automated Internet trading platforms and open to anyone around the world to participate. Of course, Schiff would be sure to add that he doesn’t like that about stock markets either. The post Peter Schiff: ‘US Govt Won’t Be’ Buying Bitcoin: Is That True? appeared first on CryptoPotato . Crypto Potato
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