Binance, the world’s largest cryptocurrency exchange in terms of daily trading volume, has recently made announcements for 9 altcoins. Here are the details of the stock market announcements…
Binance adds new pairs to its liquidity pools
cryptocoin.com As we have also reported, two new liquidity pools have been added to the “Liquid Swap” platform of Binance, one of the largest cryptocurrency exchanges. “Adding funds to a liquidity pool carries certain risks. The number of coins you use may differ from the number of coins you add to a liquidity pool,” he warned. In its announcement today, the exchange said that the pairs in question are:
- Liquidity (LQTY) / Tether (USDT)
- Synthetix (SNX) / Tether (USDT)
Filecoin (FIL) update will be supported
On the other hand, the exchange announced that it will support Filecoin (FIL) network upgrade. The Filecoin (FIL) network upgrade will occur at epoch 2,683,348, approximately March 14, 2023, at 6:14 PM CET. FIL deposits and withdrawals will be suspended from approximately 14 March 2023, 17:30 Turkish time. The exchange stressed that FIL trading on the exchange will not be affected during the update. It also announced that they will fulfill all relevant technical requirements for all users holding FILs in their exchange accounts.
Adjusting leverage and margin levels for three altcoin pairs
Binance also made statements for perpetual futures contracts CVXBUSD, GALBUSD and WAVESBUSD. According to the statement, the stock market will delist these permanent futures contracts on March 15, 2023, 12:00 Turkish time. As of this date, Binance Futures will close all positions and perform an automatic swap on CVXBUSD, GALBUSD and WAVESBUSD contracts. In addition, Binance Futures will adjust the leverage and margin tiers of CVXBUSD, GALBUSD and WAVESBUSD contracts today at 13:00 UK time.
Binance buys three coins
Finally, the stock market came up with an important development today. The stock market, as we have previously reported; It dealt a $1 billion blow to crypto bears by announcing that the remaining funds from the Industry Recovery Initiative were converted from the BUSD stablecoin to native cryptocurrencies such as BTC, BNB, and ETH. The announcement was made on Twitter by Binance CEO Changpeng Zhao, who stated that some fund movements will take place on-chain, ensuring transparency.
This move by Binance is seen as a clear indication of the exchange’s belief in the future growth of the cryptocurrency market. The announcement energized the cryptocurrency community and many speculated that this move could be the catalyst for a spike in BTC, ETH, and BNB prices. Ki Young Ju, CEO of on-chain data provider CryptoQuant, stated on Twitter that the announcement will result in $1 billion in buying pressure for these cryptocurrencies.
Binance’s decision comes amid growing struggles for US-based crypto businesses. Recently, Signature Bank, a New York-based financial institution, was forced to shut down abruptly after regulators warned that keeping the bank open could destabilize the entire financial system and increase market turmoil and uncertainty. Silicon Valley Bank and Silvergate also filed for bankruptcy last week.
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