Bitcoin

April

Million

In an unprecedented turn of events, Binance recently unveiled an announcement surrounding the cessation of support for trading Bitcoin NFTs, nabbing significant attention among crypto market traders and investors today, April 4. This announcement, coming as the <a href="https://coingape.com/halving/bitcoin-halving/" target="_blank" rel="noopener noreferrer nofollow">BTC halving</a> approaches, results from the exchange’s ongoing efforts to streamline product offerings on the Binance NFT Marketplace.
Coming in the midst of an NFT market slump, this announcement by one of the leading exchanges further sparked speculation over NFTs’ potential revival in the crypto space. With Binance deciding to pull the plug on Bitcoin NFTs, the broader NFT market braces for a possible negative impact.
<h2 id="a-closer-look-into-binance-s-announcement">A Closer Look Into Binance’s Announcement</h2>
According to the <a rel="noopener noreferrer nofollow" href="https://www.binance.info/en/support/announcement/binance-nft-update-on-bitcoin-nfts-2c2fb8f1f5e9421e8f777407a58df111" target="_blank">statement released by Binance</a>, the CEX plans to cease support for trades and deposits of Bitcoin NFTs starting April 18 at 06:00 UTC. The firm further urged users to withdraw their Bitcoin NFTs from the Binance NFT Marketplace using the Bitcoin network before May 18, giving users some extra time.
However, starting April 18 at 06:00 UTC, users on the platform will no longer be able to partake in trading activities on the Bitcoin network, including bidding, within the Binance NFT Marketplace. Simultaneously, all affected listing orders will be automatically nullified on the same date and time.
Meanwhile, the firm further forewarned users that it would not support any airdrops, benefits, or utilities associated with Bitcoin NFTs subsequent to April 10. In the interim, Binance’s announcement also highlighted noteworthy updates to Runestone NFT users.
Also Read: <a href="https://coingape.com/binance-executives-detention-in-nigeria-extended-tax-evasion-charges-persist/" target="_blank" rel="noopener noreferrer nofollow">Binance Executive’s Detention in Nigeria Extended, Tax Evasion Charges Persist</a>
<h2 id="binance-engulfs-bitcoin-ordinals-runestone-users">Binance Engulfs Bitcoin Ordinals Runestone Users</h2>
In addition to the aforementioned shutdown of operations orbiting Bitcoin NFTs, the firm’s announcement also engulfed <a href="https://coingape.com/bitcoin-ordinals-developer-runestone-airdrop-window-opens-today/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin ordinal Runsestone</a> users. Intriguingly, Binance claims to have distributed eligible wallets Runestone NFTs following its attention-grabbing airdrop earlier this year.
Now, with the firm’s plans to halt NFT-related activities on the Bitcoin network, Binance additionally urged users to withdraw Runestone NFTs by April 10 at 10:00 UTC if they wanted any associated tokens, utilities, and benefits related to these tokens. Further, the firm cautioned users that it would not be responsible for any losses incurred due to users’ negligence.
This move by one of the globally leading CEXs further added to negative sentiments in the NFT community as it closed the door to one of the leading NFT chains. Moreover, coming in tandem with the ongoing NFT market slump, Binance’s decision further raises bearish concerns among investors encircling the potential revival of the NFT realm.
Also Read: <a href="https://coingape.com/trending/trader-turned-100-crypto-investment-into-8-3-million-in-a-week-heres-how-he-did-it/" target="_blank" rel="noopener noreferrer nofollow">Trader Turned $100 Crypto Investment Into $8.3 Million In A Week; Here’s How He Did It</a>
The post <a href="https://coingape.com/binance-cease-support-for-bitcoin-nfts-nft-market-recovery-doomed/" rel="noopener noreferrer nofollow">Binance To Cease Support For Bitcoin NFTs, NFT Market Recovery Doomed?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Binance To Cease Support For Bitcoin NFTs, NFT Market Recovery Doomed?

Table of Contents

Coingape News Media

Other articles published on Apr 4, 2024

The Wealth Multiplier: Bitgert Coin and Your Path to $500,000 in Profits

Solana(SOL) vs Ethereum (ETH): Which Is a Better Investment?

Bitcoin Cash, Jupiter, and KangaMoon lead April’s altcoin rally

Global Efforts Combatting Illegal Fishing: AI and Underwater Robots Lead the Charge

TeraWulf Spearheads Eco-Friendly Bitcoin Mining Revolution

Dust Protocol (DUST) Price Prediction 2025, 2026, 2027, 2028, 2029 and 2030

Join our free newsletter for daily crypto updates!