These Altcoins Felt the Impact

TL;DR

• Binance continues to adjust its spot trading program in response to market trends and to enhance user experience.
• Interestingly, some cryptocurrencies that received additional support saw a price pullback instead.

More Pairs Added

The world’s largest cryptocurrency exchange announced it will expand the list of trading pairs offered on Binance Spot by including CVX/USDC, FUN/USDC, and LISTA/USDC. They will become available to users on July 29.

On the same day, the company will also enable trading bot services with CVX/USDC, FUN/USDC, LISTA/USDC, BCH/USDC, and SPK/USDC. 

As usual, the availability of the upcoming pairs will be based on the clients’ residences. Users living in countries like the USA, Canada, Cuba, the Netherlands, Iran, and others will be excluded.

Support from Binance typically has a positive price effect on the involved cryptocurrencies due to increased liquidity, better visibility, and a boost to their reputation. Such was the case with Lista DAO (LISTA), which spiked by 22% on a daily scale to reach around $0.35.

Many others, though, are in the red zone on a 24-hour basis. Convex Finance (CVX) plunged by 8%, Spark (SPK) headed south by 6%, while Fun Token (FUN) decreased by 2%. 

Other Recent Adjustments

Last month, the firm enabled its clients to use Official Trump (TRUMP), Sonic (S), Peanut the Squirrel (PNUT), Virtuals Protocol (VIRTUAL), SSV Network (SSV), Defi App (HOME), and Resolv (RESOLV) as loanable assets on Binance Loans. 

Despite the additional backing, some of the involved assets charted price declines shortly after the news. RESOLV was the biggest loser, dropping by 13% in a day.

A few weeks later, the exchange added Newton Protocol (NEWT) and Sahara AI (SAHARA) as new loanable assets on Binance VIP Loan. Once again, the prices dipped after the disclosure. 

Another update occurred last week when Binance removed the Seed Tag from popular meme coins, including Bonk (BONK), Pepe (PEPE), and Pudgy Penguins (PENGU). Assets having that label refer to early-stage tokens or those that carry a higher risk for investors.