Coinbase Enhances Market Health by Delisting Trading Pairs
Coinbase has announced the delisting of several trading pairs in an effort to improve overall market health and consolidate liquidity. This decision comes after regular monitoring of the markets on its platform. The exchange has suspended trading on 80 non-USD pairs for certain supported assets across Coinbase Exchange, Advanced Trade, and Coinbase Prime.
Impacted Trading Pairs
The delisted trading pairs include cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), stablecoins like Tether (USDT), and traditional fiat currencies like the Euro. Some of the affected pairs are ACH-USDT, AGLD-USDT, ARPA-EUR, ARPA-USDT, AUCTION-EUR, AUCTION-USDT, BADGER-EUR, BADGER-USDT, BAND-BTC, BAND-EUR, BAND-GBP, BNT-BTC, BNT-EUR, BTRST-BTC, BTRST-EUR, BTRST-USDT, C98-USDT, CTSI-BTC, DESO-USDT, ELA-USDT, ERN-USDT, among others.
Coinbase previously announced plans to suspend certain markets in early October and users can continue trading these markets within its “more liquid USD order books” using their USDC balances. The delisted markets make up a negligible portion of Coinbase Exchange’s total trading volume.
Declining Trading Volume
While regulatory actions against Binance may have benefited Coinbase in terms of market share, the exchange has experienced a significant decline in spot trading volume. In Q3 2023, spot trading volume dropped by 52%, marking the lowest figure since before Coinbase’s direct listing on the Nasdaq Stock Market in April 2021.
Hot Take: Coinbase Takes Steps to Improve Market Health
Coinbase’s decision to delist several trading pairs demonstrates its commitment to enhancing market health and liquidity consolidation. By regularly monitoring the markets and suspending non-USD pairs, Coinbase aims to provide a more efficient trading environment for its users. Although this may impact a small portion of Coinbase’s trading volume, the exchange prioritizes overall market stability. As it navigates regulatory challenges and adjusts its offerings, Coinbase seeks to maintain its position as a leading crypto exchange.
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