Altcoin
Binance Issues Key Update On These 6 Crypto, What’s Happening?
Cryptocurrency exchange giant Binance again captured noteworthy investor attention as it unveiled a key announcement on six cryptos this Monday. The crypto exchange revealed that the collateral ratio for CELO, IOTX, LRC, ALICE, AUDIO, & ICX tokens under the portfolio margin will be updated shortly ahead. As a response, market watchers speculate over the update’s impact on prices as the new offerings provide less market value.
Binance Reduces Collateral Ratio For 6 Crypto Tokens
In an official Binance announcement dated March 10, the crypto exchange revealed that it will reduce the collateral ratio for six tokens under the margin portfolio starting March 14 at 06:00 UTC. As per the announcement, this update will be completed in just an hour.
Here Are The Updated Collateral Ratio For 6 Crypto:
CELO
- The collateral ratio is to be reduced from 80% to 70%.
IoTeX (IOTX)
- Binance revealed that IOTX collateral ratio is to be reduced from 80% to 70%.
Loopring (LRC)
- Loopring collateral ratio is to be reduced from 80% to 65%, per the update.
MyNeighborAlice (ALICE)
- ALICE’s collateral ratio is to be reduced from 80% to 65%.
Audius (AUDIO)
- The collateral ratio is to be reduced from 70% to 55%.
ICON (ICX)
- ICX collateral ratio is to be reduced from 70% to 55%.
For context, a decline in this ratio signals reduced collateral value, thereby limiting the borrowing capacity of these tokens. As a result, these assets could see a decline in investor interaction and trading volumes due to reduced offerings on one of the top crypto exchanges.
What’s More?
Binance added that the collateral ratio will affect ‘Unified Maintenance Margin Ratio (uniMMR)’ as well. Platform users should monitor the update closely to mitigate any losses potentially resulting from the abovementioned change.
How Are These 6 Tokens Performing?
CELO price plunged over 6% intraday and closed in at $0.3440. The coin’s intraday bottom and peak were $0.3295 and $0.3682, respectively.
IOTX price dropped over 2% intraday and exchanged hands at $0.01540. The coin hit a low and a high of $0.01491 and $0.0159 over the past day.
LRC price slipped nearly 1% as of press time and traded at $0.01053. The coin bottomed and peaked at $0.09879 and $0.1073 in the past 24 hours.
ALICE price also followed the waning action in tandem with Binance’s announcement, falling 7% to $0.5194. MyNeighborAlice hit a low and high of $0.4999 and $0.5601 intraday.
Nevertheless, AUDIO price was up by a remarkable 35% and rested at $0.1071. The coin bottomed at $0.07742 in the past 24 hours.
Lastly, ICX price lost 6% value and closed in at $0.09933. Its intraday low and high were $0.0961 and $0.1066, respectively.
It’s noteworthy that the broader slumping action also falls in line with the broader crypto market trend today. Besides, the leading exchange’s reduced offerings added to market concerns surrounding the aforementioned tokens’ future performances.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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