- In a quick announcement on the 3rd of April, Binance announced it was delisting NCASH/BTC along with other trading pairs.
- Usually, when Binance delists a major trading pair denominated in BTC, the corresponding token/coin is seen as headed to ‘the grave’.
- With NCASH/ETH being the only pair left on Binance, will the decreased visibility kill the value of the token?
The crypto markets are experiencing a brilliant green day in terms of gains. Looking at Coinmarketcap, the total crypto market cap is valued at $210 Billion at the time of writing this. This is $20 Billion more than it was valued on Monday, 6th April. The majority of the gains can be attributed to a sense of optimism with regards to winning the war against the spread of COVID19. Additionally, the Bitcoin halving narrative might still be intact with 35 days to go. However, in the midst of optimism, the Nucleus Vision crypto community was made aware by Binance that the exchange had delisted its popular NCASH/BTC pair.
Binance Delists NCASH/BTC. Only its ETH Pair Remains on the Exchange
In an April 2nd announcement, the cryptocurrency exchange of Binance announced that it was delisting nine trading pairs that lacked liquidity on the platform. One of the trading pair was NCASH/BTC. This move was meant to enhance the user experience by concentrating liquidity on trading pairs that have volume. The announcement went on to explain the following:
Binance will remove and cease trading on the following trading pairs at 2020/04/03 12:00 PM (UTC):
ADA/PAX, DREP/BNB, KEY/BTC, MFT/BTC, NCASH/BTC, POLY/BNB, TCT/BNB, TNB/ETH and VITE/BNB.
Please note that users can still trade the above assets in other trading pairs that are available on Binance.
Did Binance Just Send NCASH to the Grave with this Move?
One can argue that the NCASH/BTC pair was the most influential for the token on the exchange. Traders usually like to either trade BTC pairs or stablecoin pairs for their higher than average trade volume. In the case of Bitcoin, trading altcoins paired with the King of Crypto, allows them to increase their BTC holdings. With the NCASH/BTC pair removed, the token might have been indirectly sent to the grave. Its visibility will have been cut by half on Binance.
With on the NCASH/ETH pair remaining on the prominent exchange, traders might opt to test their luck with other tokens paired with BTC on Binance.
Hope as Other Major Exchanges Offer NCASH Pairs
However, the delisting of NCASH/BTC might not have a detrimental effect on the value of the token given that it is still available for trading on the following exchanges:
- Huobi Global
- Huobi Korea
Summing it Up
The move by Binance to delist the NCASH/BTC might indirectly affect the trading visibility of the token, thus causing its trade volume and price to decrease in the markets. However, with NCASH still tradeable on a long list of prominent exchanges, this theory might not be 100% full proof. Only time will tell if the delisting of NCASH/BTC will harm the value of the token.
(Feature image courtesy of Scott Rodgerson on Unsplash.)
Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Crypto Gazette or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.