Altcoins Plummet in Response to Binances Temptation

TL; Doctor
Binance, the world’s largest cryptocurrency exchange, will delist four cryptocurrencies on July 22, causing their prices to plummet. The deposits and withdrawals of these assets will be suspended on July 23 and October 22, respectively.
Discontinuation of Support for These Cryptocurrencies
Binance regularly updates its services to enhance user experience. Due to various factors such as low trading volume and liquidity, poor communication, network stability issues, etc., it often adds new trading pairs to adapt to current market trends or removes existing digital assets from its platform.
It recently announced the delisting of BarnBridge (BOND), Dock (Dock), Mdex (MDX), and Polkastarter (POLS). Support for all spot trading pairs involving the mentioned assets will be terminated starting from July 22.
The company revealed, “The exact trading pairs to be removed are BOND/BTC, BOND/USDT, DOCK/BTC, DOCK/USDT, MDX/USDT, and POLS/USDT. After the trading of each pair is stopped, all trading orders will be automatically removed. Once delisted, the token valuation will no longer be displayed in your wallet. To view your assets after trading stops, please ensure that you have not selected ‘Hide Small Balances’ in all your wallets.”
Binance also added that deposits for these assets will not be credited after July 23, and withdrawals will be suspended after October 22.
The affected trading pairs will also be removed from Binance Loans, Binance Automated Investment, Binance Margin, Binance Convert, Binance Buy Crypto, Binance Pay, and Binance Trading Bot.
Shortly after the disclosure, the prices of all cryptocurrencies involved in the upcoming delisting plummeted by double digits. DOCK was hit the hardest, with its valuation dropping by 50% in 24 hours.
DOCK price, Source: CoinGecko
Removing a particular digital asset from major platforms like Binance can lead to a significant price drop due to reduced liquidity, damaged reputation, decreased investor confidence, and other setbacks.
A similar situation occurred earlier this year when Monero (XMR) was delisted by exchanges. Following the move, the price of the popular privacy coin plummeted by 35%.
Binance’s Previous Update
Less than a week ago, the exchange halted trading services for six pairs: BTC/AEUR, ETH/AEUR, AI/TUSD, CHR/BNB, GAS/FDUSD, and LQTY/FUSSD. The prices of the affected coins experienced a significant decline, aligning with the broader market downturn at the time.
On the other hand, the company added WIF/BRL, ZK/USDC, and ZRO/USDC to Binance Spot. It is worth mentioning that this service is not available to all users:
“Currently, users residing in the following countries or regions will be unable to trade the aforementioned spot trading pairs: Canada, Cuba, Crimea region, Iran, Netherlands, North Korea, Syria, the United States and its territories (American Samoa, Guam, Puerto Rico, Northern Mariana Islands, U.S. Virgin Islands), and any non-government-controlled areas in Ukraine.”