Binance Will List 8 New Cryptos
Binance, recognized as the world’s largest cryptocurrency exchange, has revealed its plans to launch six new spot trading pairs and offer trading bot services for two additional pairs starting on October 19.
The new trading pairs include ATOM/FDUSD, AVAX/FDUSD, BAND/TRY, BCH/FDUSD, LOOM/TRY, and MATIC/FDUSD. Moreover, Binance is introducing Spot Grid and Spot DCA Trading Bots for the NTRN/USDT and PENDLE/USDT trading pairs on the same day.
Users will be pleased to learn that Binance is currently providing zero maker fees for FDUSD trading pairs, which are associated with First Digital USD (FDUSD), a stablecoin issued by First Digital Limited in Hong Kong. FDUSD is backed 1:1 by the US dollar.
Binance’s move to list these new assets follows its recent introduction of the XRP/FDUSD trading pair to the platform.
Delisting Actions
In addition to its expansion efforts, Binance has also opted to delist specific trading pairs. Several pairs, including 1INCH/BUSD, AERGO/BUSD, ANKR/BUSD, DATA/BUSD, DIA/BUSD, LOKA/BUSD, LRC/BUSD, OM/BUSD, POLYX/BUSD, RARE/BUSD, SLP/BUSD, SUSHI/BUSD, and THETA/BUSD, were affected by this decision.
Binance has not disclosed the exact reasons for these delistings. However, the exchange explained that such actions are taken periodically to safeguard users and uphold the quality of the trading market. Factors like low liquidity and trading volume can lead to the delisting of specific spot trading pairs.
It’s important to note that all the pairs being delisted were associated with BUSD trading. Binance has previously declared its intention to cease support for the BUSD stablecoin in the first quarter of 2024. Users have been advised to convert their BUSD holdings to alternative assets before February of the following year.
Altcoins May Be Approaching the End of the Crypto Bear Market
According to prominent crypto analyst Michael van de Poppe, now could be a prime opportunity to consider investing in altcoins as the crypto bear market appears to be nearing its conclusion.
Altcoins have endured a significant period of underperformance relative to Bitcoin (BTC) over the past few months, relinquishing market share to the world’s largest cryptocurrency. However, Poppe offers several reasons to be optimistic about the future of altcoins.
The extended duration of the bear market is one of the key factors to consider. Altcoins such as Chainlink reached their peak against Bitcoin in August 2020, while most altcoins achieved their all-time highs in USD value in May 2021.
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This extended period of bearish sentiment, lasting nearly 29 months, could indicate that a turning point is on the horizon.
Poppe points out that several upcoming events and trends may act as catalysts for a shift in the market. The approaching Bitcoin halving scheduled for around mid-2024 is one such factor.
Additionally, the potential approval of a spot Bitcoin ETF is drawing nearer. Geopolitical uncertainties have also driven a notable increase in the price of gold, which may contribute to a rise in Bitcoin’s value.
Larry Fink, CEO of BlackRock, has been increasingly vocal about Bitcoin, referring to it as a “flight to safety.” This growing institutional interest suggests that more organizations may soon see Bitcoin as a digital counterpart to gold, further bolstering the cryptocurrency.
The introduction of a spot Bitcoin ETF is expected to lead to a substantial increase in Bitcoin’s value, and altcoins may subsequently follow this upward trajectory. Historically, Bitcoin has often been the first mover, with investors gaining more confidence in the overall market as Bitcoin rallies.
However, recent weeks have seen some of the top altcoins, such as Solana (SOL) and Chainlink (LINK), making significant gains and attracting attention from the market.
Ethereum, on the other hand, is currently facing challenges on multiple fronts, particularly after the failure to launch the highly anticipated ETH ETF Futures. Ethereum is now in the process of completing its final correction against Bitcoin, which has contributed to the ongoing increase in Bitcoin’s dominance in the market.
Taking historical trends of the crypto bear market into account, Poppe suggests that we might not experience a massive market downturn as some currently anticipate. He likens the current situation to 2015/2016 when the market gradually began to move upwards in the lead-up to the Bitcoin halving and never looked back.
