Internet Computer (ICP) Tumbles 10% Daily: Is Coinbase Responsible for the Plunge?
$ICP is the worst-performing cryptocurrency today (at least among the top 100), posting a 10% price decline. However, certain technical indicators suggest this might be only a short-lived pullback, while multiple analysts support the bullish scenario. $ICP Heads South Just a few hours ago, the assets valuation plunged to a one-week low under $3, while its market capitalization sank to approximately $1.6 billion. $ICP Price, Source: CoinGecko It is important to note that $ICPs negative performance aligns with an overall correction sweeping through the broader crypto market. Bitcoin (BTC) slipped beneath $80,000, while popular altcoins like Worldcoin (WLD), Cronos (CRO), Arbitrum (ARB), and Aptos (APT) tumbled by 7-8% over the past day. In the meantime, Coinbase could have also played a role in Internet Computers downfall. Recently, it removed six non-USD trading pairs, including $ICP/USDT and $ICP/GBP. Such actions by one of the biggest cryptocurrency exchanges reduce liquidity for the affected tokens and make it harder for traders to enter or exit positions. Fewer trading options often mean lower volume and weaker investor confidence, especially amid a crypto pullback. At the same time, one should keep in mind that if Coinbase had removed all $ICP-related services, the impact would likely have been far more severe and could have