Coinbase Global, the largest digital asset trading platform in the U.S., has announced the suspension of trading for six major cryptocurrencies on its platform. This decision was made following a routine internal review conducted by the exchange in March.
Coinbase Delists 6 Major Altcoins
Coinbase, the largest digital asset trading platform in the United States, has announced the suspension of trading for six altcoins including Rally (RLY), DFI Money (YFII), Mirror (MIR), OMG Network (OMG), Loom Network (LOOM), and Augur (REP). This decision was made as part of a routine internal review carried out by the exchange, which periodically monitors the assets listed on its platform to ensure they meet its listing standards. Coinbase shared this information publicly through a tweet, stating that the decision was based on their assessment and subsequent reviews.
Coinbase has announced that it will suspend trading for six altcoins, including RLY, YFII, MIR, OMG, LOOM, and REP, across all levels and platforms, such as Coinbase Pro, Coinbase Exchange, and Coinbase Prime. However, customers will still have access to their deposited funds and can withdraw them anytime. The suspension will begin on March 29, 2023, according to the exchange.
Price Reaction To Coinbase News
The news of Coinbase's decision to delist six major cryptocurrencies led to a significant drop in the prices of all affected assets. Within a few minutes of the announcement, Augur, which has a market capitalization of $91 million, experienced a sharp decline of 2% and is currently trading at $8.2.
Similarly, DFI Money and OMG Network also saw a drop of 1% and 1.12%, respectively, within the same timeframe. In contrast, the native token of the Loom Network, LOOM, showed better performance compared to the other tokens by increasing 0.25% in the past half hour.
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