Leading crypto exchange Binance has announced new liquidity pools for high-volume coins, including SHIB and Dogecoin.
Binance opens new liquidity pools for SHIB and these coins
The world’s largest crypto exchange announced that it has added 7 new liquidity pools and stablecoin pairs in response to growing demand for popular cryptocurrencies such as Bitcoin, Shiba Inu and Dogecoin. Liquidity pools allow users to trade instantly and pool tokens to earn rewards.
According to the announcement, the trading pairs added to Binance’s Liquid Swap service are as follows:
- BEL/USDT
- BTC/TUSD
- ID/BTC
- ID/USDT
- SHIB/DOGE
- SYN/USDT
- TUSD/USDT
While liquidity pools allow users to trade instantly and pool tokens to earn rewards, adding liquidity to a pool and becoming a liquidity provider is not entirely risk-free. The price movements of the crypto market can fluctuate greatly in volatile market conditions, causing staking income to remain lower or incur losses.
Balances are changing at Binance
Binance started to turn to TrueUSD (TUSD) after US regulators banned Paxos from printing BUSD. With the ban on issuing new BUSD, Binance has removed zero-fee trading for all cryptocurrencies pairs except TUSD, resulting in a massive drop in BTC trading volumes.
As we reported as Kriptokoin.com, TUSD broke a record in BTC pair trading volume on Binance as a result of these developments.
Cryptocurrency market under pressure: latest situation in SHIB, DOGE and BTC
Binance’s announcement led to a slight increase in the prices of the most popular cryptocurrencies, including BTC, DOGE and SHIB. However, BTC price remains under pressure and dropped to its lowest level below $27,500. Currently, investors are making some purchases on the decline from the $27,000 level.
SHIB price has dropped 11% in the past week to $0.0000103. The community believes SHIB could reach the $0.01 level by the end of the year.
On the other hand, DOGE price is trading at $0.0791, down 2% in the last 24 hours and 17% in a week. Some experts believe this drop could be a final correction before cryptocurrencies recover.
Binance lawsuits
In late March, the CFTC sued Binance and its CEO, Changpeng Zhao, for allegedly engaging in illegal transactions and misleading American citizens. The CFTC claimed that Binance did not register to offer its futures to US investors and that the transactions were not in compliance with legal frameworks.
In addition, Binance is allegedly misleading investors to engage in leveraged trades. Binance, on the other hand, denied the accusations and stated that it does not operate in the US. In the following weeks, the case lost its importance and Binance CEO CZ advised not to get caught up in the news of Fud on Twitter during the process.
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