Binance's New Services Trigger Major Rally in Digital Assets
Written by Ohris M. Greyoon, Blockchain & Crypto Expert
Source: Coinmarketcap
Updated: 4d ago- New Contract Launch: On January 29, Binance introduced BIRB/USDT and GWEI/USDT perpetual contracts with up to 50x leverage and multi-assets mode, enhancing market liquidity and trading activity by allowing users to utilize other cryptocurrencies in their trades.
- Price Surge: Following the announcement, both Moonbirbs (BIRB) and ETHGas (GWEI) saw double-digit gains, with GWEI rising by 30%, illustrating Binance's significant market influence and reinforcing its position as the world's largest crypto exchange.
- Token Delisting: Binance announced the removal of non-compliant tokens such as WIZARD and SHOGGOTH, leading to sharp price declines for these assets, with BOOST experiencing a staggering over 70% drop in valuation, highlighting the market's sensitivity to compliance issues.
- Market Correction: Binance will also terminate several spot trading pairs on January 30, and while the declines for these assets are milder than BOOST, the overall market remains affected by the drop in Bitcoin and Ethereum prices, indicating the volatility in the crypto market.
About the author
Ohris M. Greyoon
Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.
