Wednesday saw a peak in the price after news broke out about Elon Musk’s decision to step back from President Trump’s advisory group, pushing Bitcoin to a high of over $88,000. However, the coin observed an immediate depreciation of over six thousand dollars following ‘Liberation Day’ and the subsequent tariffs imposed by the POTUS.

More instability was observed towards the weekend’s end as other nations reacted to the situation. BTC faced resistance at $85,000 multiple times, while the $81,000 support level prevented further fall in the price. As of the present, Bitcoin is valued at around $83,500, with a static market cap of $1.660 trillion and a slightly reduced dominance over altcoins of just under 60% according to CG.

In other news, the native token of Pi Network, PI, has finally broken its continuous downward curve and has witnessed a 9% surge in the last 24 hours. Despite hitting an all-time low recently, the token is now valued at $0.6. However, its monthly performance remains disappointing with a 69% drop.

Among the other altcoins, OKB stands out with a similar surge to over $51. TON, on the other hand, has observed a sharp decrease (-7%), followed by LEO and ICP. SOL, XRP, and DOGE have noted minor increases, while BNB, ADA, and TRX have experienced insignificant losses over the past 24 hours.

The total cryptocurrency market cap has added around $60 billion since yesterday’s low, currently standing at $2.780 trillion on CG.

The post Bitcoin Stabilizes at $83.5K as PI Token Recovers: Weekend Crypto Update appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

Binance Futures has recently revealed that it will delist the USDⓈ-M SOLBUSD Perpetual Contract and undertake an automatic settlement. The delisting and settlement process is scheduled for August 28, 2023, at 09:00 UTC. For traders holding existing positions in this particular contract, it’s crucial to close them before the stated date to avoid the auto-settlement process.

The delisting action underscores Binance Future’s commitment to enhancing user experience and market integrity. It offers a window of time for traders to reevaluate their investment strategies and make informed decisions. Delisting commonly occurs in response to changes in market conditions, regulatory compliance, or as a preventive measure against potential risks.

While the option to open new positions for the contract will be disabled starting August 28, 2023, at 08:30 UTC, it’s advised to be proactive rather than reactive. Planning ahead ensures you navigate this change efficiently and minimizes unexpected losses or inconveniences.

Modifications to Leverage and Margin Tiers

In line with the delisting, Binance Futures will also modify the leverage and margin tiers for the USDⓈ-M SOLBUSD Perpetual Contract. This alteration will take effect on August 21, 2023, at 12:30 UTC. Existing positions will be impacted, and therefore, it’s strongly recommended to adjust your positions and leverage settings before this date to prevent possible liquidation.

The adjustments in the leverage and margin tiers aim to provide a safer and more regulated trading environment. Binance Futures is meticulous in offering a balanced risk-reward ratio, keeping both beginner and seasoned traders in mind. While the exact details are subject to change, the modifications offer a glimpse into how trading platforms constantly update their offerings to align with market conditions and regulatory frameworks.

These alterations are a testament to the ever-changing nature of the cryptocurrency market. Traders are advised to stay updated on the latest developments by regularly checking official announcements and updates. This will ensure that you remain ahead of the curve and can adjust your trading strategy accordingly.

User Protection and Potential Future Changes

It’s worth noting that Binance Futures might introduce additional changes to the USDⓈ-M SOLBUSD Perpetual Contract without further notice. Such protective measures can include altering the maximum leverage value, revising the funding rates, or updating the price index. These actions aim to safeguard users from undue risks, especially in volatile market conditions.

The platform has a history of implementing robust risk-management measures to protect its user base. These proactive steps resonate well with the cryptocurrency community, emphasizing the platform’s focus on security and compliance.

Should there be discrepancies between translated versions and the original English version of any announcement, the English version will take precedence. Thus, always refer to the original version for the most accurate and up-to-date information.

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