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Binance announced on Monday that it will reduce the collateral ratios for CRV, ALGO, UNI, KSM, XTZ, and XEC under the “Portfolio Margin” program.
Binance Announcement Today: The giant cryptocurrency exchange has once again grabbed significant investor attention with its latest update on six tokens. On Monday, March 24, Binance revealed plans to update the collateral ratios for CRV, UNI, ALGO, KSM, XTZ, and XEC under the “Portfolio Margin” program. This move has led market observers to speculate whether the prices of these assets will be impacted due to modified trading offerings on one of the leading trading platforms.
Binance Modifies Trading Offerings for 6 Cryptos; Here’s Everything You Need to Know
In a recent official announcement, Binance outlined its plans to update the collateral ratios for the aforementioned tokens. Starting at 06:00 UTC on March 28, users will witness a reduction in collateral ratios for these assets:
The New Collateral Ratios for 6 Tokens:
- CRV – from 85% to 80%
- UNI – from 85% to 80%
- ALGO – from 85% to 75%
- KSM – from 80% to 70%
- XTZ – from 75% to 60%
- XEC – from 70% to 55%
Binance further stated that the update will conclude within about an hour from the specified time. Primarily, the updated collateral ratios will reduce borrowing power for traders and investors. This could result in lower market interaction with these assets, sparking concerns about their long-term price outlook.
Additionally, the top crypto exchange informed users that the collateral ratio will affect the Unified Maintenance Margin Ratio (uniMMR). Overall, the update quickly captured market attention as traders and investors looked to capitalize on any emerging opportunities within the sector.
How Are the Cryptos Performing?
The mentioned cryptos are predominantly trading in the green, sparking speculation alongside Binance’s announcement. Curve DAO (CRV) price increased nearly 4%, reaching $0.5137, with an intraday peak of $0.5261.
Uniswap (UNI) price jumped nearly 2%, reaching $6.90, with a 24-hour high recorded at $6.93. Algorand (ALGO) price rose over 5% in the past 24 hours, trading at $0.1997, peaking at $0.2011 intraday.
Kusama (KSM) price surged by roughly 10%, sitting at $18.59. Tezos (XTZ) price saw a 3% increase to $0.7113. eCash (XEC) price also rose by nearly 2%, reaching $0.00002226. Overall, these cryptocurrencies are showing resilience despite Binance’s reduction of their collateral ratios under the “Portfolio Margin” program.
