Binance delists THESE five tokens: Here’s how the market reacted

Binance announced the delisting of five assets in December.
The combined market cap of these assets is less than $100 million.

As a seasoned crypto investor who has weathered numerous market storms, I find Binance’s recent delisting of five assets to be a familiar yet sobering event. The impact on these lesser-known tokens is a stark reminder of the power wielded by centralized exchanges and the vulnerability of smaller projects in the crypto space.

As an analyst, I’m reporting that Binance, the globally dominant cryptocurrency exchange, has declared the termination of trading for five token pairs: GFT/USDT, IRIS/USDT, KEY/USDT, OAX/USDT, and REN/USDT. This move has ignited substantial market turbulence, leading to steep price drops for these affected digital assets.

On December 10th, 2024, the delisting event has sparked debates about the potential effects of such actions on less popular digital currencies and the overall trading market.

A closer look at price movements

The announcement of delisting caused substantial decreases in the affected cryptocurrencies. Specifically, the GFT/USDT pair plummeted by more than 30% within a day, and its RSI stands at approximately 28.71, suggesting that it’s oversold. Additionally, MACD signals suggest a powerful bearish trend, further confirming a negative outlook among investors.

As a crypto investor, I’ve noticed that my IRIS holdings have taken a hit, with a 25% decrease in value. Currently, it’s trading below its 50-day moving average, indicating a downward trend. The Relative Strength Index (RSI) for IRIS is at 28.74, suggesting a heavily oversold market sentiment. Additionally, the Moving Average Convergence Divergence (MACD) is showing a widening bearish divergence, which points towards a potentially weak short-term recovery.

As a crypto investor, I’ve noticed that my KEY/USDT holdings have taken a significant hit, plummeting nearly 40% since the recent announcement. The Relative Strength Index (RSI) has dipped to 34.03, indicating a downward trend, and the Moving Average Convergence Divergence (MACD) suggests a strong bearish movement. This leaves me cautious about potential further declines in my investment.

Similarly to OAX/USDT, it saw a significant drop, losing approximately 45% of its worth. The Relative Strength Index (RSI) for OAX stands at 26.76, indicating intense selling activity.

As a researcher, I’ve noticed a significant 20% drop in the value of REN/USDT. Moreover, its Relative Strength Index (RSI) is hovering around 48.44, which typically suggests that the token may be nearing oversold territory, indicating potential buying opportunities for investors.

The broader impact of Binance’s delisting

Binance usually makes its decisions about removing a coin from the exchange due to factors such as insufficient trading activity, not meeting technological specifications, or issues related to compliance and regulations.

Even though the impacted coins might seem insignificant, the market’s response underscores the susceptibility of less popular cryptocurrencies to decisions made by major exchanges.

Previously, digital currencies such as Ripple (XRP) and Cardano (ADA), which are among the larger altcoins, have been subject to removal from exchanges or limitations in trading due to certain situations, particularly when faced with scrutiny from regulators.

What lies ahead for affected tokens?

For the delisted tokens, the immediate outlook remains bearish. The absence of Binance’s liquidity and user base will likely hinder recovery efforts.

While some traders might shift towards decentralized exchanges or other platforms, they often encounter difficulties due to limited transparency and lower liquidity. These issues can hinder both short-term price recuperation and the long-term acceptance of these platforms.

2024-11-28 08:07

A closer look at price movements

The broader impact of Binance’s delisting

What lies ahead for affected tokens?

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