As a seasoned crypto investor with over a decade of experience navigating the volatile and ever-evolving digital asset market, I find Binance’s decision to delist USDⓈ-M perpetual contracts for NEM (XEM), Orbs (ORBS), and Loom Network (LOOM) on December 9, 2024, a reminder of the dynamic nature of this industry. While it’s not uncommon for exchanges to reassess their offerings based on market demand and liquidity, these announcements can have immediate and significant impacts on token prices, as we’ve seen with the recent declines in XEM, ORBS, and LOOM.
On December 9, 2024, Binance Futures will remove the perpetual contracts for NEM (XEM), Orbs (ORBS), and Loom Network (LOOM) that use USDⓈ as their base currency. This action is part of Binance’s regular process to ensure their products match market demand and liquidity requirements.
Beginning at 11:30 AM (UTC) on December 9, 2024, it will no longer be possible for users to create new positions in the contracts for XEM, ORBS, and LOOM that operate without an expiration date.
As a crypto investor, I want to share some important information about position settlement. At exactly 12:00 PM (UTC), all open positions will be automatically settled. To prevent any unwanted settlements, it’s advisable to close your positions prior to this time.
At exactly 12:00 PM (UTC), Binance’s Arbitrage Bot will automatically end any ongoing arbitrage operations pertaining to these specific contracts. Furthermore, after the delisting, it will no longer be possible to initiate new arbitrage strategies involving these pairs.
In response to Binance’s decision to remove some perpetual contracts, the associated tokens experienced significant drops in their prices.
1 Cryptocurrency NEM (XEM) rose by about 5%, currently valued around $0.029, whereas Orbs (ORBS) fell by 0.62%, now priced at $0.034. Loom Network (LOOM), on the other hand, decreased by 1.27%, trading close to $0.075.
These market reactions highlight the sensitivity to changes in trading availability on major platforms like Binance.
On Binance, it’s crucial for users to actively manage their trading positions to avoid accidental liquidation. If you need more help or have questions, please reach out through Binance’s official customer service platforms.
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2024-11-29 23:33