Tag: Cvx

Binance Announces Removal of Multiple Trading Pairs Including BAT, CVX, FORTH

by Blockchain News

Key Takeaways

* Binance to delist a total of 22 spot trading pairs on September 8, 2023.

* The delisting is part of Binance’s periodic review to ensure a high-quality trading market.

* Users advised to update or cancel their Spot Trading Bots to avoid potential losses.

With the aiming at maintaining market quality and protecting users, Binance, one of the world’s leading cryptocurrency exchanges, has announced the delisting of several spot trading pairs. The announcement was made on September 6, 2023, and the changes will take effect on September 8, 2023, at various times throughout the day.

Delisting Details

According to the official announcement, the delisting will occur in three phases:

At 05:00 (UTC): AUDIO/BUSD, BAT/BUSD, BSW/BUSD, CITY/BUSD, CVX/BUSD, FORTH/BUSD, JUV/BUSD, MOB/BUSD

At 07:00 (UTC): OGN/BUSD, OMG/BUSD, PLA/BUSD, POLS/BUSD, REI/BUSD, RSR/BUSD, SCRT/BUSD, TVK/BUSD

At 09:00 (UTC): ADA/BIDR, MATIC/BIDR, UTK/BUSD, ZIL/BIDR

The delisting is attributed to “multiple factors, such as poor liquidity and trading volume,” but specific data points were not disclosed.

Impact on Spot Trading Bots

Binance will also terminate Spot Trading Bots services for the affected trading pairs at the corresponding times. Users are “strongly advised to update and/or cancel their Spot Trading Bots prior to the cessation of Spot Trading Bots services to avoid any potential losses.”

Future of BUSD on Binance

Interestingly, the announcement also encourages users to convert their BUSD assets into other available assets on Binance before February 2024. Users have the option to trade their BUSD balances for FDUSD at zero trading fees or convert their BUSD balances to FDUSD at a 1:1 ratio using the convert portal.

Implications for Traders

While the delisting of a spot trading pair does not affect the availability of the tokens on Binance Spot, it does limit the trading options for users. Traders are advised to adjust their strategies accordingly and to be aware of the upcoming changes to avoid any financial setbacks. Binance also encourages users to convert BUSD to other Stablecoins pior to February 2024.

Conclusion

The delisting is a part of Binance’s ongoing efforts to provide a secure and efficient trading environment. It serves as a reminder for traders to stay updated on exchange policies and to adapt their trading strategies as needed.

Image source: Shutterstock

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Top Crypto Analyst Says One Altcoin Due for a 10X Amid Tremendous Show of Strength

by Dailyhodl

A popular analyst and trader is laying out price targets for an altcoin that powers a decentralized exchange focused on efficient stablecoin trading.

Pseudonymous trader Credible Crypto tells his 285,600 Twitter followers that after making a successful entry on Convex Finance (CVX) back in August, he’s ready for the associated Curve DAO Token (CRV) to go on a similar run.

Credible says,

“It took about four months for us to squeeze a 10x out of CVX. Now it’s time for our 10x on CRV.

Original entry under $3, added massively between $3-$4, and as I’ve said many times now, targeting $40 at least by end of cycle.

Let’s get it.”

In his original August 18th tweet, the trader said that “the world is sleeping on CVX.”

The altcoin has been on an impressive run lately, grinding up from under $4 at the start of August to an all-time high above $49 last Thursday.

At time of writing, CVX is up 14% on the day to $47.01 after correcting over the weekend.

Convex Finance is a decentralized finance (DeFi) protocol that was built on top of Curve Finance, where the native token CVX is used for staking, liquidity mining and voting.

Credible Crypto now has his sights set on seeing how high CRV can rise during the current crypto market cycle.

Following up on a December 22nd tweet that called for CRV to surpass $5.50 in the short term, Credible says that after meeting that price target, he could see the altcoin correcting, possibly back to its immediate support.

“Target hit. CRV is showing tremendous strength but if we are going to see a pullback it will likely be from this region.

Would love for a breakthrough of course, but if we do dip eyes on the $4.60 region.”

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Source: Credible Crypto/Twitter

According to DeFi tracker DeFi Llama, Curve ranks first among all projects in terms of total value locked (TVL) at $23.46 billion. Convex Finance is second with $19.34 billion in assets locked.

The TVL of a DeFi protocol represents the total capital held within its smart contracts. TVL is calculated by multiplying the amount of collateral locked into the network by the current value of the assets.

Source: DeFiLlama

The price of CRV is down 4.39% to $5.49 at time of writing. The altcoin hit a monthly high of $5.85 on Friday after experiencing a major surge, shooting up 76% from $3.32 in less than two weeks.

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New Altcoin Built on Ethereum Soars After Receiving Burst of Support From Two Major Crypto Exchanges

by Dailyhodl

An altcoin that helps holders optimize their yields is surging after two top cryptocurrency exchanges gave it the green light.

Convex Finance (CVX) is a decentralized finance (DeFi) protocol built on top of stablecoin exchange Curve Finance (CRV). Its native token is used for staking, liquidity mining, and voting.

Both Binance and Huobi Global have added CVX to their roster, causing the altcoin to surge. CVX is trading for $40.61 at time of writing, a 19.2% increase on the day.

The token will appear in Binance’s Innovation Zone and Huobi’s Pioneer Zone which are dedicated trading spaces offering investors crypto assets that are susceptible to price volatility.

Huobi says that spot trading on the CVX/USDT trading pair will start once appropriate liquidity conditions are met.

Binance also announced that it is adding ConstitutionDAO (PEOPLE), a patriotic decentralized autonomous organization (DAO) that crowdfunded roughly $47 million worth of Ethereum (ETH) in order to purchase one of the few remaining first-edition copies of the U.S. Constitution at an auction. The effort was unsuccessful due to the group being outbid by an unknown buyer.

Binance says of the project,

“The PEOPLE token is now representing a DAO movement with historical significance.

[The] token has no explicit use cases as the founding team has chosen to close the project and burned their multi-sig that controlled the raised fund.”

PEOPLE is rallying in the wake of the new listing, jumping over 10% to $0.15 at time of writing.

Binance says that both CVX and PEOPLE will be available for Bitcoin (BTC), Binance USD (BUSD) and USDT trading pairs.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Five Altcoins Set To Surge As Crypto Markets Heat Up, According to Popular Crypto Trader

by Dailyhodl

A widely followed crypto analyst is bullish on five altcoins following Bitcoin’s (BTC) big push to fresh all-time highs.

The pseudonymous trader known as Credible Crypto tells his 251,200 Twitter followers that whales appear to be accumulating Convex Finance, whose CVX token powers the Curve Finance decentralized exchange (DEX).

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“Another million-dollar purchase of CVX from the pros at a price of $21.53 per CVX. Yeah, you’re still early.”

Credible says that XRP is looking strong, despite Ripple’s legal battle with securities regulators in the US.

He expects XRP to turn a historic level of resistance into support, clearing the way for a major rally.

“Can’t get over how great this chart looks. From a technical perspective, I struggle to see how an analyst can make an objectively bearish case for this chart.

When we break up here soon XRP is going to melt faces.”

Source: Credible Crypto/Twitter

The analyst says that Ethereum (ETH) is poised to reach new heights, following in the footsteps of Bitcoin’s recent record-breaking ascent. ETH is currently trading at $4,118, according to CoinGecko.

As for the digital asset of the decentralized public network Hedera Hashgraph (HBAR), Credible Crypto says a new all-time high is in the cards if the asset can clear a remaining hurdle at the $0.47 mark.

“HBAR following the plan beautifully here. Coiling up against the midpoint of this range – I suspect it breaks soon an we head for the range highs at .43. Clear RED and new all-time high incoming.”

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Source: Credible Crypto/Twitter

The analyst believes Solana (SOL) is also set to reach a new all-time high.

Over the past seven days, the crypto asset rose from $162.60 to as high as $204.30, marking an increase of nearly 26%.

“Note the ORANGE region was the last line of defense before a much larger drop.

It held, BTC broke resistance, and the bearish scenario was invalidated. Prep for new all-time high not just on SOL, but on MANY other alts.”

Source: Credible Crypto/Twitter

The trader adds that the bullish crypto market will translate to a price surge in other altcoins, but warns BTC may outperform the market in the short term.

“In case you were wondering, this means full bull on alts too.

Yes, BTC will take the spotlight initially, but alts will soon follow BTC with major rallies of their own.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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