Cryptocurrency exchange Binance has once again captured market attention with its latest update on six tokens, sparking speculation about potential price movements amid ongoing market turmoil. On March 11, Binance announced adjustments to the leverage and margin tiers for RARE, AXS, ZEN, XTZ, SAGA, and CATI, a move that traders are closely monitoring.
Binance’s Latest Leverage & Margin Adjustments
In an official statement, Binance revealed updates to the leverage and margin tiers for RAREUSDT, AXSUSDT, ZENUSDT, XTZUSDT, SAGAUSDT, and CATIUSDT USD-margined perpetual contracts. Effective from March 11 at 09:30 UTC, the adjustments introduce enhanced trading capabilities for users.
Among the key changes, the exchange updated the CATIUSDT USD-margined perpetual contract, adding 5x leverage for positions between 800,000 and 1,000,000, with a 10% maintenance margin rate. Traders seeking further details can refer to Binance’s official announcement.
However, Binance also noted that existing positions opened before the update will be impacted. The exchange cautioned traders that running grid futures might expire due to these changes, advising them to adjust their positions accordingly.
Market Response and Broader Crypto Trends
Despite Binance’s enhanced offerings, the broader cryptocurrency market has been under pressure. Market-wide liquidations surged, driven by increasing concerns over a potential U.S. recession. Reports indicate that the probability of a recession has risen to 40%, affecting risk assets like Bitcoin and Ethereum.
Bitcoin initially dipped to $76,000 before rebounding to $81,000, signaling some market resilience. However, the updated Binance contracts did not immediately translate into bullish movements for most of the affected tokens.
Price Performance of the Affected Tokens
As of the latest update:
- CATI dropped over 5%, trading at $0.1482, with intraday movement between $0.1475 and $0.1592.
- RARE surged 37% in the past 24 hours to $0.1265, with a high of $0.1425.
- AXS declined by 8%, settling at $2.97, after reaching a low of $2.73.
- XTZ fell 8% to $0.6657, despite Binance’s adjustments.
- SAGA also plummeted by 8%, trading at $0.3394.
Also Read: Pi Network Eyes Major Exchange Listings: Binance & Coinbase on the Horizon?
While most tokens saw a downturn, market participants anticipate potential relief as Binance’s adjustments take effect. Whether this move will translate into a sustainable uptick remains to be seen amid ongoing macroeconomic concerns.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of CoinBrief.io. Before making any investment decisions, you should always conduct your own research. Coin Brief is not responsible for any financial losses.
