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Coinbase Plans to Halt Trading of 6 Crypto Assets in September

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In a surprising turn of events, Coinbase Assets has revealed its decision to halt trading for six cryptocurrency assets on September 6, 2023, at 9 AM PT.

The announcement by Coinbase highlights the suspension of six tokens: BarnBridge (BOND), DerivaDAO (DDX), Jupiter (JUP), Multichain (MULTI), Ooki (OOKI), and Voyager (VGX).

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Coinbase Assets Suspends Trading of Six Cryptocurrency Assets

Coinbase, one of the world’s leading cryptocurrency exchanges, has taken a surprising step by announcing the suspension of trading for six cryptocurrency assets. This decision, which has reverberated throughout the crypto community, signifies a strategic move by Coinbase to uphold its stringent listing standards and bolster the quality of assets on its platform.

Suspension Affects Core Services and Timing

With the suspension slated to commence on September 7, 2023, Coinbase’s decision has significant implications for the six delisted tokens. BarnBridge (BOND), DerivaDAO (DDX), Jupiter (JUP), Multichain (MULTI), Ooki (OOKI), and Voyager (VGX) will cease to enjoy the exchange’s core services. Including Simple and Advanced Trade, Coinbase Pro, Coinbase Exchange, and Coinbase Prime. This move has captured the attention of the cryptocurrency community. Due to its potential impact on the market dynamics surrounding these tokens.

Maintaining High-Quality Standards and Market Impact

Coinbase’s choice to suspend trading of these assets is aligned with its ongoing commitment to maintaining high-quality standards for the assets it lists. The decision followed an exhaustive review process that led to the conclusion. That the delisted assets did not meet the stringent listing standards set by the exchange. This move underscores Coinbase’s dedication to offering its users access to reputable and secure cryptocurrencies.

In response to the announcement, the prices of the affected assets experienced notable declines. BOND, DDX, JUP, OOKI, VGX, and MULTI recorded price drops of 5.1%, 24%, 16%, 0.5%, 6%, and 0.7%, respectively. This market reaction reflects the sensitivity of cryptocurrency prices to significant developments within the ecosystem.

Multichain’s Woes Deepen Amidst Delisting Challenges

The suspension of trading for these assets adds to the growing challenges faced by some projects. In the case of Multichain (MULTI), the recent delisting compounds. The existing issues the project has been grappling with, including the CEO’s. Arrest and the closure of the bridge due to substantial losses. This has led to an atmosphere of skepticism within the crypto community regarding the project’s future prospects.

Coinbase’s Unwavering Commitment to Quality and Integrity

In conclusion, Coinbase’s move to suspend trading for these six cryptocurrency assets. Underscores its unwavering commitment to maintaining quality and integrity within its platform. The announcement not only impacts the specific assets but also highlights the broader dynamics of the cryptocurrency market. Where exchanges play a pivotal role in shaping the landscape of digital asset trading.

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