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SPELL up as Binance Loans adds token to collateral assets

By:
on Aug 19, 2022
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  • SPELL/USD rose more than 12% on Friday morning even as the broader crypto market dipped.
  • Binance announced SPELL as one of collateral assets on its crypto loans platform.
  • SPELL hit its all-time high of $0.035 in November last year.

Spell (SPELL/USD) is up more than 12% in the past 24 hours to currently trade at $0.0016. The gains have pushed the SPELL token up by 54% this past two weeks, and +46% in the past 30 days.

SPELL, which hit an all-time high of $0.035 in November 2021, has seen its intraday trading volume jump to $145,347,171 for a 24-hour increase of 375%.

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While the Spell token jumped to a new weekly high, the crypto market has shed over 7% of its total market cap and Bitcoin (BTC/USD) has dropped 6.7% to prices near $21,600. Top altcoins are also trading lower amid a dip in market sentiment.

Binance Loans adds SPELL

On Friday, Binance Loans announced it had added the SPELL token to its list of available collateral assets, adding it to other crypto loan collateral assets such as Bitcoin (BTC), Cardano (ADA), Algorand (ALGO), Dogecoin (DOGE) and Binance Coin (BNB) among others.

The addition means that customers of Binance Crypto Loans can now use SPELL as collateral to borrow any of the loanable assets on the platform.

According to Binance, customers can access loan terms starting at 7 days, with more available for repayment after 14, 30, 90 and 180 days. Maximum loanable limits depend on prevailing market conditions and on risk management principles.

Users can withdraw loans borrowed against their crypto assets, but they can also use the acquired assets on spot, margin, or futures trading. Another way to tap into the borrowed asset’s value is through staking.

SPELL, which is a reward and governance token in the lending ecosytem Abracadabra.money, is tradable on other major exchanges such as OKX, ByBit and MEXC.