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Binance Announcement Concerning Dogecoin and Cardano Traders

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Binance Announcement Concerning Dogecoin and Cardano Traders

(CTN News) – Binance Broadens Margin Trading: Binance, a prominent cryptocurrency exchange, has expanded its trading options by introducing additional cross-margin pairs, such as ADA and DOGE, into its Isolated Margin program.

Effects on Trading and Volatility: The inclusion of these assets in Margin trading has the potential to impact their liquidity and trading volume, potentially resulting in alterations in market volatility.

Operational Changes by Binance: In addition to introducing new pairs,  periodically removes specific cryptocurrencies from its platform, which can influence the market dynamics of the affected digital assets.

Binance Demonstrates Additional Backing for ADA and DOGE

Binance, the world’s largest cryptocurrency exchange, has expanded its Margin services to provide users with more trading options. Recently, the company introduced ten new cross-margin pairs, including ADA/FDUSD, DOGE/FDUSD, MATIC/FDUSD, LINK/FDUSD, and others.

This decision comes around two weeks after included ADA/FDUSD and DOGE/FDUSD in its Isolated Margin program.

Margin trading allows individuals to access funds from the exchange for leveraged trades. While this can potentially lead to higher profits, it also carries the risk of larger losses if the market moves in the opposite direction.

The support from a major player in the crypto industry like Binance, along with the inclusion of an asset in the aforementioned program, could boost the liquidity and trading volume of the respective token, potentially resulting in increased volatility.

Most of the coins offered, such as DOGE, LINK, and AVAX, have experienced minimal price fluctuations. However, Polygon (MATIC) has seen a slight increase, rising by nearly 4% in the past 24 hours and 13% over the course of a week.

Binance’s endeavors to remove listed assets

In addition to occasionally introducing new trading pairs, the primary cryptocurrency marketplace also eliminates certain pairs when it deems necessary. Recently, it decided to remove 11 spot trading pairs involving the British pound, including XRP/GBP, SOL/GBP, ADA/GBP, BTC/GBP, and ETH/GPT. These changes are set to take effect on December 29.

The removal of these pairs could potentially hurt the prices of the digital assets involved, as it may reduce their liquidity or harm their reputation. However, this was not the case this time, as Solana (SOL) experienced a significant surge in value in the past few days.

According to CoinGecko’s data, the token reached a 20-month high of nearly $125 before retracing to its current level of approximately $115.

SEE ALSO:

Singapore’s Core Inflation Slowed to 3.2% YoY In November.

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