Binance Drives Double-Digit Price Rally for These Altcoins: Details

View the latest changes on Binance’s platform.

At the same time, countless other tokens headed south after Binance revealed it would end access to them.

The Binance Effect

Earlier today (January 29), the company made revealed the launch of BIRB/USDT and GWEI/USDT perpetual contracts with up to 50x leverage. Both products have multi-asset mode activated, allowing users to use other cryptocurrencies in the trading process.

Perpetual contracts have no expiration date and allow people to speculate on the price of the selected asset with borrowed money and without owning it.

Moonbirbs (BIRB) and ETHGas (GWEI) both headed north by double digits shortly after the announcement. The latter posted a gain of 30%, while the former saw a slightly more modest increase.

This is a typical reaction considering the impact Binance listings can have. Backed by the undisputed leader among crypto exchanges, assets often experience increased liquidity, greater availability and an improved reputation.

The opposite reaction

In addition to adding new trading services, Binance is also deleting tokens that no longer meet the necessary criteria. Based on the recent analysis it is announced that the following cryptocurrencies, WIZARD, SHOGGOTH, G, FWOG, UFD, BRIC, UPTOP, PORT3, XNAP, MORE, BOMB and BOOST, do not meet Binance Alpha’s standards and will be removed from the recommended list. The company said that the sale of these tokens will still be allowed after the removal.

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Most affected cryptocurrencies experienced sharp price drops immediately after the disclosure. BOOST suffered the biggest blow: its valuation fell by more than 70%.

Furthermore, Binance said it will close several spot trading pairs on January 30, including AXS/ETH, NEAR/BNB, SEI/BNB, SKL/BTC and others. The assets involved in the effort are largely in red territory, although they are registering milder declines than BOOST and the other delisted coins.

Their negative performance can also be attributed to the renewed broader correction of the crypto market, with Bitcoin (BTC) falling below $88,000 and Ethereum (ETH) losing the psychological level of $3,000.