Analysis Crypto by Thebittimes.Com

Binance announced the delisting of OMG Network, NEM and Waves coins on June 17, 2024. The exchange will end support for withdrawals on September 17. Binance has announced the delisting of four altcoins, news that has seen the said tokens nosedive amid market reaction. The exchange notified the crypto community of the impending delisting on Monday, June 3, with OMG Network price falling sharply alongside that of the other tokens. Binance delists XEM, OMG and WAVES According to Binance, trading support for the four altcoins will cease on June 17, 2024, at 03:00 (UTC). Specifically, the exchange will end support for spot trading pairs for OMG Network, NEM, Waves and Wrapped NXM. The action against the four cryptocurrencies follows internal reviews that target adherence to industry standards and requirements. “ When a coin or token no longer meets these standards or the industry landscape changes, we conduct a more in-depth review and potentially delist...

WAVES price and its USDN stablecoin lose value after the Digital Asset eXchange Association issues a caution notice and Upbit exchange delists the token. Algorithmic stablecoins have had a rough year, starting with UST de-pegging to zero and the subsequent blow-up of Terra’s LUNA token which was used for the asset’s backing. Algorithmic stablecoins are not fully collateralized and rely on different mechanisms to maintain the peg, making them inherently fragile to market conditions.  The UST implosion created a domino effect that caused another stablecoin , Magic Internet Money (MIM) to de-peg. Despite the fragility of algorithmic stablecoin s, new projects like Djed by Cardano (ADA) are still planning on launching, but that doesn’t mean that the concept has improved since the crises seen earlier in the year. Let’s look at the latest de-peg event in the cryptocurrency space. Warning issued for WAVES and its USDN stablecoin On Dec. 8, the Digital Asset eXchange Association (DAXA), whic...