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Coinbase Assets has planned to suspend six crypto assets on September 6, 2023, at 9 AM PT. The announcement was made today on its X (formerly Twitter) account.
This implies that the assets will cease to enjoy some of the exchange's primary services. They include Simple and Advanced Trade, Coinbase Pro, Exchange, and Prime.
For some, this might come as a surprise, while for others, it is a case of lightning striking twice in the same place. This is an allusion to Coinbase previously removing some crypto assets in March.
In this article, we shall examine what led to the delistings and what effect they had on their trading volumes and prices.
Coinbase plans to suspend six crypto assets in early September. These assets include BarnBridge (BOND), DerivaDAO (DDX), Jupiter (JUP), Multichain (MULTI), Ooki (OOKI) and Voyager (VGX).
The company said recent reviews of the assets (probably unacceptable) led to this. The reviews were obtained via regular monitoring of the assets on the exchange to meet its 'listing standards.'
According to the post, the suspension would take effect two weeks from now. To that end, these assets would not be able to function on Simple and Advanced Trade, Coinbase Pro, Coinbase Exchange, and Coinbase Prime.
Since the announcement was made, the assets, including BOND, DDX, JUP, OOKI, VGX, and MULTI, documented 5.1%, 24%, 16%, 0.5%, 6%, and 0.7% price dips, respectively.
This adds to the wave of negative news as Multichain continues to reel from its problems. Last month, its CEO was arrested and the bridge was shut down after more than $100 million in crypto was lost.
In related news, this is not the first time Coinbase is taking a measure like this. A few months back, March to be specific, the exchange ended its support for six Ethereum-based altcoins.
In March, Coinbase delisted six Ethereum-based altcoins for failing to meet their listing demands. While the company did not explicitly say why it removed it, it once published some requirements here.
The coins that would no longer be eligible for trading are Rally (RLY), DFI Money (YFII), Mirror (MIR), OMG Network (OMG), Loom Network (LOOM), and Augur (REP).
Since the information went public, the prices of most of the coins sustained a substantial decline, with only one of them weathering the storm.
REP, with a market cap of $91 million, dropped by 2% within minutes of the announcement. YFII and OMG also endured a related decrease of 1% and 1.12%, respectively, in the same time frame. Conversely, LOOM outperformed the other tokens by increasing by 0.25% in the past half-hour.
As is normal in the crypto ecosystem, once a coin gets delisted, its value drops — which is what most of the coins did. For it to happen again within the space of four months is, quite, something.
On the one hand, Coinbase's delisting decisions show that it is committed to maintaining high standards and ensuring its customers' satisfaction. On the other hand, it raises more questions than answers as regards these assets, their future in the market and the roles exchanges play in regulating crypto.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information but will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.