Giant crypto currency exchange Binance, 6 Altcoin reducing the rate of collateral, led to market concerns. The tokens will witness this update Celo, IoTX, LRC, ALICE, AUDIO and ICX. 5 of the tokens in question witnessed the price decrease with the announcement of Binance, while one began to rise.
Binance reduced the guarantee rate for 6 altcoin
In the official announcement of the world’s largest crypto exchange Binance on March 10, the Crypto Exchange announced that it will reduce the guarantee rate for six token under the margin portfolio from 09:00 on March 14th. According to the announcement, this update will be completed in just one hour. Here are the updated guarantee ratio for 6 Altcoin:
- CELO: The guarantee rate will be reduced from 80 %to 70 %.
- IOTEX (IoTX): The guarantee rate will be reduced from 80 %to 70 %.
- Loopring (LRC): The guarantee rate will be reduced from 80 %to 65 %.
- Myneight: The guarantee rate will be reduced from 80 %to 65 %.
- Audius (AUDIO): The guarantee rate will be reduced from 70 %to 55 %.
- ICON (ICX): The guarantee rate will be reduced from 70 %to 55 %.
What does it mean to reduce the guarantee rate?
In terms of context, a decrease in this rate shows that the guarantee value is reduced and therefore the borrowing capacity of these tokens is limited. As a result, these assets may see a decrease in investor interaction and transaction volumes due to the reduction of bids in one of the best crypto exchanges.
Binance added that the guarantee ratio will affect the ‘United Maintenance Margin Rate’ (UNİMMR). Platform users should closely monitor the update to reduce the losses that may arise from the above -mentioned change.
How do the tokens perform?
CELO price fell over 6 %during the day and closed for $ 0.3440. Crypto money’s bottom and peak point was $ 0.3295 and $ 0.3682, respectively. The IoTX price fell over 2 %a day and changed hands at $ 0.01540. The crypto currency reached the lowest and highest level with $ 0.01491 and $ 0.0159. The price of LRC decreased by about 1 %as of the press time and was traded for $ 0.01053. The crypto currency has made a bottom and peak with $ 0.09879 in the last 24 hours and $ 0,1073.
The price of the Alıce also fell to 0.5194 dollars by following the decreasing movement with the announcement of Binance. Myneighboralice reached the lowest and highest $ 0.4999 and $ 0,5601 during the day. However, the AUDIO price increased by 35 %to $ 0,1071. Crypto money fell from $ 0.07742 in the last 24 hours. Finally, the ICX price lost 6 %and closed for $ 0,09933. The lowest and highest values in the day were $ 0,0961 and $ 0,1066, respectively
