Binance Announcement Today: The cryptocurrency exchange behemoth again nabbed substantial investor attention with its latest update on six tokens. On Monday, March 24, the CEX revealed plans to update the collateral ratios for CRV, UNI, ALGO, KSM, XTZ, and XEC crypto under ‘Portfolio Margin.’ As a response, market watchers speculate whether the assets’ prices are bracing for an impact amid modified trade offerings on one of the top trading platforms.
Binance Modifies Trade Offerings For 6 Crypto; Here’s Everything To Know
In a recent official announcement from the crypto exchage, Binance highlighted its plans to update the collateral ratio for the tokens mentioned above. Starting March 28 at 06:00 UTC, users are poised to witness a reduced collateral ratio for these assets:
The New New Collateral Ratios For 6 Tokens:
CRV – 85% to 80%
UNI – 85% to 80%
ALGO – 85% to 75%
KSM – 80% to 70%
XTZ – 75% to 60%
XEC – 70% to 55%
Binance further revealed that the update will conclude in approximately an hour from the mentioned time. Primarily, the updated collateral ratios induce lower borrowing power for traders and investors. This could in turn usher lower market interaction with these assets, igniting price concerns about long-term prospects.
Also, the top crypto exchange notified users that the Collateral ratio will affect the Unified Maintenance Margin Ratio (uniMMR). Overall, the update promptly captured market attention as traders and investors looked to capitalize on any emerging opportunity within the sector.
How Are The Crypto’s Performing?
The abovementioned crypto assets trade dominantly in the gree, sparking speculations in tandem with Binance’s announcement. Curve DAO (CRV) price was up nearly 4% as of press time, reaching $$0.5137. The coin even hit a peak of $0.5261 intraday.
Uniswap (UNI) price jumped nearly 2% to reach $6.90. The coin’s 24-hour high was recorded as $6.93. Algorand (ALGO) price rose over 5% in the past 24 hours and exchanged hands at $0.1997. The coin peaked as high as $0.2011 intraday.
Kusama (KSM) price shot up by roughly 10% and is sitting at $18.59. Tezos (XTZ) price also witnessed a 3% uptick to $0.7113. eCash (XEC) price also jumped by nearly 2% to $0.00002226. Overall, the cryptos currently defy market concerns despite the slashing of their collateral ratios under ‘Portfolio Margin’ by Binance.
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