The biggest cryptocurrency exchange in the world, Binance, has announced intentions to launch new FDUSD trading pairs for isolated and cross-margin trading. Numerous cryptocurrencies, such as IO (io.net), ETHFI (Ether. fi), MEME (Memecoin), PYTH (Pyth Network), TNSR (Tensor), and TAO (Bittensor), will be listed on the market. The crypto world has taken notice of this statement, which was made on June 28, and many have speculated that these tokens’ prices may rise if they are listed on the FDUSD.
The New Trading Pairs’ Specifications
Binance’s official announcement detailed the new FDUSD cross and isolated margin trading pairings. Users can now trade FDUSD pairs for Memecoin, ETHFI, Pyth, Bittensor, Altlayer, Tensor, and IO. The new trading pairs, ALT/FDUSD, ETHFI/FDUSD, IO/FDUSD, MEME/FDUSD, PYTH/FDUSD, TNSR/FDUSD, and TAO/FDUSD, are the same for both cross-marginal and isolated margin trading.
Binance is offering zero-fee trading on FDUSD pairs as an extra incentive; the specifics vary based on customers’ VIP status. According to the exchange, this action intends to improve the user trading experience by increasing trading alternatives, enabling more flexible trading strategies, and increasing portfolio diversification.
Effects on the Market and Price Changes
Positive price moves for the listed tokens have occurred with the announcement. Between 1% and 6% of these cryptocurrencies saw gains in the day that followed the announcement.
Memecoin (MEME) rose 4.97%, closing at $0.01978 on a 24-hour volume of $34.1 million. Ether.fi (ETHFI) saw a 5.69% increase to $3.34 on a $121 million volume. With a volume of $65.1 million, Pyth Network (PYTH) saw the most significant growth of 6.21%, trading at $0.326.
Of all the chosen coins, IO.net (IO) saw the most minor price growth, rising 1.23% to $3.49 with a $183.3 million volume. This upward trend is consistent with the giant altcoin rally that emerged in response to the recent spike in Bitcoin’s price earlier this week. With a $24 billion trading volume, Bitcoin was trading at $61,476.59, up 1.18% over the previous day.
