Coinbase Global, the largest digital asset trading platform in the United States, has announced that it will suspend the trading of six major cryptocurrencies from its platform. The suspension will take effect on March 29, 2023, and the cryptocurrencies affected are Rally (RLY), DFI Money (YFII), Mirror (MIR), OMG Network (OMG), Loom Network (LOOM), and Augur (REP).
According to Coinbase, the decision to delist these six altcoins was made after a routine internal review carried out by the exchange for March. Coinbase periodically monitors the assets on the exchange to ensure they meet the company’s listing standards. Following an assessment and subsequent reviews, the exchange has decided to suspend the trade of these cryptocurrencies.
The suspension of trading will be across all levels, including basic and advanced levels, and all platforms, including Coinbase Pro, Coinbase Exchange, and Coinbase Prime. However, customers can still access their deposited funds and withdraw them whenever they choose to.
The prices of all six cryptocurrencies experienced a significant decline as soon as the news of the delisting was made public. With a market cap of $91 million, Augur saw a sharp fall of 2% within minutes of the announcement and is currently trading at $8.2. DFI Money and OMG Network also suffered a similar drop of 1% and 1.12%, respectively, in the same time frame. In contrast, the native token of the Loom Network, LOOM, outperformed the other tokens by increasing by 0.25% in the past half-hour.
Coinbase’s decision to delist these six altcoins reflects the exchange’s commitment to maintaining high listing standards and protecting its customers’ interests. However, this decision also raises questions about the future of these cryptocurrencies, their viability in the market, and the role of exchanges in regulating the crypto space.
Investors and traders are now looking for alternative platforms to trade these cryptocurrencies. It remains to be seen whether other exchanges will follow in Coinbase’s footsteps and delist these six altcoins and whether the delisted coins will recover in price on other platforms.
As an expert in crypto analysis, it is important to note that the crypto market is highly volatile, and the delisting of these six altcoins by Coinbase may temporarily impact their prices. However, the market will likely adjust as investors and traders look for alternative platforms to trade them. The delisting also highlights the importance of conducting due diligence before investing in any cryptocurrency and the need for exchanges to maintain high listing standards.