Binance Triggers Major Collapse for These Altcoins: Details Inside

PIVX (PIVX), Vulcan Forged PYR (PYR), and four other lesser-known digital assets have posted substantial losses today (August 3), and the main culprit behind the decline appears to be Binance.

Over the past several weeks, the world’s largest crypto exchange announced several other platform amendments that have affected multiple altcoin traders and investors.

Goodbye to These Tokens

Binance carried out another review to ensure that all cryptocurrencies listed on its platform meet the necessary standards and industry requirements. As a result, it revealed that it will terminate all services with Across Protocol (ACX), Hashflow (HFT), PIVX (PIVX), Vulcan Forged PYR (PYR), Vanar (VANRY), and Viction (VIC).

The delisting is scheduled for August 17, but the news has already impacted the prices of the aforementioned tokens. PIVX and PYR are the biggest losers from the pack, both nosediving by 20%, while the rest have recorded more modest decreases.

PIVX Price
PIVX Price, Source: CoinGecko

Withdrawing support from Binance inevitably leads to reduced availability, thinner liquidity, and reputational damage, so the price reaction isn’t exactly surprising. Something quite similar was observed towards the end of June when the company said goodbye to Alchemix (ALCX), Ardor (ARDR), NFPrompt Token (NFP), and Marlin (POND).

NFP absorbed the heaviest hit, with its valuation plunging by a sharp 21% in a single day, while the rest also entered red territory – though their declines were not that substantial.

Some of the Previous Updates

Binance has been wrestling with regulatory pressure in Europe lately, but that hasn’t stopped it from pushing forward with its global expansion. A month ago, it solidified its presence in the Philippines: a major crypto market with millions of users.

Later on, the exchange briefly paused deposits and withdrawals on the TRX and ZEC networks to support wallet maintenance and a hard fork, respectively. All operations were restored quickly, and there were no reports of any lingering issues.

The post Binance Triggers Major Collapse for These Altcoins: Details Inside appeared first on CryptoPotato.