UNFI Bleeds 38.03% in 24 hour as Binance Delist it and Three Others
Binance did not explicitly state the specific reasons for delisting these four tokens, the announcement implied a failure to meet certain standards.
On October 23, 2024, Binance, one of the world’s leading cryptocurrency exchanges, announced the delisting of four tokens: IDRT, KP3R, OOKI, and UNFI.
The firm’s announcement to delist has triggered the plummet of UNFI market price with over 38% dropping in 24 hours.
The delisting will take effect on November 6, 2024, after which all spot trading pairs involving these tokens will be discontinued.
This move reflects Binance’s commitment to upholding stringent quality standards within its platform. The exchange’s statement highlighted its ongoing review process, which scrutinizes tokens to ensure they meet its established criteria.
Delist Four Tokens
Binance did not explicitly state the specific reasons for delisting these four tokens, the announcement implied a failure to meet certain standards. This suggests a possible lack of liquidity, questionable project viability, or a breach of regulatory compliance.
The delisting of these tokens serves as a reminder to both investors and project developers of the dynamic nature of the cryptocurrency market. It emphasizes the importance of thorough due diligence and continuous monitoring of projects to ensure they maintain a high standard of quality and adhere to relevant regulations.
The exchange’s action denotes its proactive approach to ensuring a safe and reliable trading environment for its users. The delisting process, while potentially disruptive for affected investors, ultimately serves to protect the integrity of the platform and the wider cryptocurrency ecosystem.
Bitcoin Funding Rates Plunge on Binance
The average Bitcoin funding rate, a composite measure across exchanges, has also slipped into negative territory. This indicates a growing dominance of short positions within the perpetual market, suggesting a bearish outlook amongst traders.
Binance, holding the largest proportion of open interest (OI), serves as a bellwether for overall market sentiment. The recent negative funding rates on the platform reinforce the notion of a potential short-term bearish trajectory for Bitcoin.
Funding rates, also referred to as interest rates or funding costs, are a crucial component of perpetual contracts. These contracts enable traders to maintain long or short positions indefinitely, without an expiration date. Funding rates act as a balancing mechanism, ensuring the price of the perpetual contract aligns with the underlying asset’s spot price.
The negative funding rates on Binance are indicative of a market where short sellers are willing to pay to maintain their positions, anticipating a potential price decline in Bitcoin. Conversely, long holders, expecting price appreciation, are less willing to pay for the privilege of holding their positions.
