Binance has announced significant updates for cryptocurrencies like Ethereum, Solana, and Pepe Coin, among others. Notably, this news has sparked speculation about potential price rallies for these assets.
Usually, positive comments from major crypto exchanges often boost asset prices, while negative ones can have the opposite effect. So, let’s take a closer look at the announcement and see how the cryptos are faring amid this.
Binance Boosts Support For PEPE, SOL, ETH
Binance introduces new trading pairs and trading bot services, according to the latest announcement. Starting July 18, 2024, it will open trading for the BNX/TRY and ETH/ARS pairs. Besides, the exchange is offering Zero Maker Fees for the ETH/ARS pair for an unspecified period to attract more traders.
This move aims to expand trading choices and enhance user experience. In addition, the leading crypto exchange is also enabling Trading Bots services for several pairs. Spot Grid and Spot DCA bots will be available for BNB/USDC, PEPE/USDC, and SOL/USDC.
Furthermore, Spot Algo Orders will be enabled for BNX/TRY and ETH/ARS. These automated trading options can help users optimize their strategies and potentially increase their returns.
Meanwhile, in the announcement, the exchange clarified that standard trading fees will apply once the Zero Maker Fees promotion ends for the ETH/ARS pair. Besides, it also emphasized its strict measures against dishonest behavior, such as wash trading or market manipulation. The exchange reserves the right to disqualify users involved in such activities.
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How’s PEPE, SOL, And ETH Are Performing?
The introduction of new trading pairs and bot services could significantly impact the prices of the involved cryptocurrencies. Historically, new offerings and promotions by top crypto exchanges like Binance tend to attract increased trading activity. This can lead to higher demand and potentially drive up prices.
The inclusion of Ethereum (ETH), Solana (SOL), and Pepe Coin (PEPE) in these updates is particularly noteworthy. These assets have substantial followings and are closely watched by investors. Notably, the ETH/ARS trading pair, with its Zero Maker Fees promotion, could see a surge in trading volume.
However, despite the positive announcement from Binance, the crypto prices failed to show any positive performance today. As of writing, Pepe Coin price was down over 2% to $0.00001176, while its trading volume also slumped 40% to $1.4 billion.
Simultaneously, Ethereum price also dropped by 1.5% and traded near the $3,400 level, while Solana price dropped 2.5% to $156. Notably, several market experts have attributed the recent declines to the latest rally in the crypto market. It appears some investors are taking the profit-booking strategy, impacting the crypto prices.
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