Coinspeaker
Binance Adjusts Tick Sizes for Key Crypto Pairs amid Market Resurgence
Binance is living up to its reputation as the world’s biggest crypto exchange, and its latest move is another testament to this fact. In its most recent announcement on Monday, Binance says it is making major changes to the tick sizes of several key spot trading pairs. The adjustments, set to take effect by July 22, are designed not only to bring about greater market liquidity but also to improve overall trading efficiency for users.
Binance Sets Sight on Enhanced Trading Experience and Liquidity
The tick size refers to the minimum price movement of a cryptocurrency. It is essential for determining how trades are executed and how prices are quoted on an exchange. Therefore, Binance’s decision to revise these tick sizes shows its proactive nature, especially as it relates to evolving together with market dynamics and user needs, which are also ever-changing.
Major cryptocurrencies that will be affected under Binance’s new plan include Arkham (ARKM), Arweave (AR), Chainlink (LINK), dogwifhat (WIF), Fantom (FTM), FLOKI, Immutable (IMX), LayerZero (ZRO), Near Protocol (NEAR), Polygon (MATIC), and Tron (TRX).
According to the official announcement made on July 15, however, Binance will implement varied adjustments across different trading pairs. That is, for some pairs like FLOKI/TRY, which has now gone from 0.0000001 to 0.000001, it may increase their tick size. Whereas pairs like PERP/USDT have had their tick sizes reduced from 0.001 to 0.0001.
These changes are expected to simplify trading processes, even as they also reflect the current market demands and volatility level.
Meanwhile, Binance has clarified that the adjustments will not impact existing spot orders directly. However, users using API connections will still need to adjust to the new tick sizes accordingly. Furthermore, the exchange advised traders to review their trading strategies immediately to minimize any unintended impacts that this transition may bring.
Market Response and Performance
Following the announcement, the affected cryptocurrencies have all shown varying degrees of volatility, albeit expectedly. Immutable (IMX) and LayerZero (ZRO) demonstrated strong bullish trends. They both surged 7.60% and 6.34%, respectively, over the past 24 hours.
Meanwhile, FLOKI also saw a 4.33% increase and was seen trading at $0.0001555 at press time.
Similarly, WIF saw a notable 5% rise, reaching $1.78, albeit encountering resistance near the $1.8 mark. Other prominent cryptocurrencies like LINK also saw gains, climbing 4% to $13.72.
It must be mentioned that not all the affected cryptocurrencies are particularly having a rosy time. The likes of MATIC and TRX experienced minor corrections following recent rallies. However, such adjustments are typical in a recovering market as traders re-evaluate their positions and take profits.
Binance also recently announced the delisting of key BTC and USDT margin pairs. These constant decisions reflect the platform’s commitment to adaptability and responsiveness. Particularly, in a terrain such as that of crypto, that changes at the slightest provocation.
As the market continues to rebound, it remains to be seen how Binance’s latest adjustments contribute to overall trading dynamics.
Binance Adjusts Tick Sizes for Key Crypto Pairs amid Market Resurgence
