In a surprising move, Binance, the world's largest crypto exchange, has announced the delisting of Litecoin (LTC) and Dogecoin (DOGE) perpetual contracts in BUSD pairs. However, there's a catch that traders need to be aware of.
Binance Drops the Bomb: Litecoin (LTC) and Dogecoin (DOGE) BUSD Pairs Delisted
In an official announcement, Binance revealed its plan to delist the USDⓈ-M LTCBUSD and DOGEBUSD perpetual contracts. Traders are advised to take necessary action as Binance will close all positions and perform an automatic settlement on August 24 at 09:00 UTC.
To add to the surprise, Binance will also adjust the leverage and margin tiers of LTCBUSD and DOGEBUSD perpetual contracts today at 12:30 UTC. This move is part of Binance's strategy to gradually reduce BUSD pairs on its platform.
Traders will no longer be able to open new positions for LTCBUSD and DOGEBUSD starting from 08:30 UTC on August 24. Binance's delisting spree doesn't stop here, as it recently announced the delisting of Cardano (ADA) and Polygon (MATIC) perpetual contracts as well.
Altcoins Feel the Heat as Market Selloff Continues
As the broader crypto market experiences selloffs, altcoins like Litecoin and Dogecoin are not immune to the pressure. Both coins have seen a 10% drop in value over the past week.
Litecoin's price has fallen 5% in the last 24 hours, currently trading at $75. The 24-hour low and high stand at $73.63 and $78.73, respectively. Despite the dip, trading volume has increased by a staggering 55% in the last 24 hours.
Dogecoin has also experienced a 5% decline in the past 24 hours, with its price currently at $0.067. The 24-hour low and high are $0.0664 and $0.0701, respectively.
As the crypto market continues its rollercoaster ride, traders must stay vigilant and adapt to the ever-changing landscape. Binance's delisting of Litecoin (LTC) and Dogecoin (DOGE) perpetual contracts is just another twist in this wild journey.
