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12/08/2023

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Important Binance Update That Concerns Cardano (ADA) and Dogecoin (DOGE) Traders

TL;DR PIVX Added to Binance Margin Trading: Binance introduced PIVX as a borrowable asset in its margin offerings, resulting in a 15% price increase for PIVX. New ADA and DOGE Trading Pairs: Binance added...

Important Binance Update That Concerns Cardano (ADA) and Dogecoin (DOGE) Traders

TL;DR

  1. PIVX Added to Binance Margin Trading: Binance introduced PIVX as a borrowable asset in its margin offerings, resulting in a 15% price increase for PIVX.
  2. New ADA and DOGE Trading Pairs: Binance added ADA/FDUSD and DOGE/FDUSD pairs to its margin trading options, alongside gains in Cardano and Dogecoin’s prices.
  3. Margin Trading Risks and Benefits: Binance’s Margin Trading allows leveraging positions with borrowed funds, offering high-profit potential but also significant loss risks.

The world’s largest cryptocurrency exchange by trading volume – Binance – disclosed some amendments surrounding its Margin offerings.

Specifically, the marketplace added PIVX (PIVX) as a new borrowable digital asset on Cross Margin and Isolated Margin. 

The token’s price reacted positively to the news, spiking by 15% and briefly surpassing the $0.40 mark (per CoinGecko’s data). However, the valuation slightly dropped in the following hours, currently hovering around $0.37.

Moreover, Binance added ADA/FDUSD and DOGE/FDUSD, among other trading pairs, to its Isolated Margin program. Cardano and Dogecoin have both been well in the green, recording substantial gains lately.

The former has soared by 14% in the past 24 hours, whereas the largest memecoin by market capitalization has pumped approximately 4%.

Binance Margin Trading enables eligible customers access to funds from the exchange for use in leveraged trades. Thus, traders can deal with greater sums and adjust their positions appropriately. 

It is worth noting that margin trading could lead to greater profits in the case of successful trades. However, it could result in more significant losses if the market moves in the opposite direction.

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