There is a bad news for Hive from Binance. Yesterday I saw a news announcement talking about the delisting of the Hive/USDC trading pair. Its isolated and cross margin trading will also be closed on Binance by July 30.
However, spot and futures trading with the Hive/USDT pair is still active and there has been no announcement about delisting that pair yet.
The worrying part is why the Hive/USDC pair is being delisted NEWS SOURCE. What impact will this have on Hive? Whenever any exchange announces the delisting of a trading pair, it usually means that the pair does not meet Binance's rules and regulations or listing criteria.
As far as I have noticed the Hive/USDC pair had very low trading volume. So one possible reason could be that it is being delisted because of its low volume.
Certainly I believe this news will have a negative shortterm impact on the Hive price because it is mildly negative news. Whenever any trading pair gets delisted it usually affects the price. As you can see from the chart I shared Hive has already dropped by around 8% since yesterday.
Now, did the price fall because of this delisting news? In margin trading investors often start selling immediately which creates selling pressure on the price. As a result the price starts falling and as you can see on the chart there has been a huge drop.
The question is whether this decline happened because of the delisting news or because of the overall market falling due to the FED news
Another question should be asked to the people responsible for Hive... What steps are they taking regarding this issue? Do they want to stop this series of delistings?
If they do not focus on it and if trading volume remains low, good projects do not appear and public interest does not increase then the Hive/USDT pair could also be at risk in the future.
We want Hive to be listed on more exchanges but this issue of delisting can become very dangerous. Even now the Hive/USDT pair is still not listed on KuCoin.
I have mentioned this many times before, saying that the people responsible should work on getting it listed there. The more exchanges a coin is listed on, the more popular and widely recognized it becomes.
So, my request to the people in charge and to other influencers is that they should seriously focus on this issue.
We want Hive to be seen as a strong coin. Otherwise we may continue to see price declines. Continuous price drops could affect the HBD haircut. If HBD becomes deeply under backed, its price could also fall and then it may continue moving downward like a free fall.
We have already seen a similar situation with SBD, which no longer stays at a fixed value and keeps moving up and down in price.
July 30 will be the last trading day for the Hive/USDC pair. After that all margin positions will be closed automatically. In my opinion we could still see another 3% to 5% price crash.
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