1 year ago
Coinbase crypto speech has been removing dozens of trading pairs successful an effort to amended liquidity connected its platforms.
The United States-based cryptocurrency speech Coinbase is removing dozens of trading pairs successful bid to amended liquidity connected its platform.
Coinbase has suspended 80 non-USD trading pairs including the pairs with cryptocurrencies similar Bitcoin (BTC), stablecoins similar Tether (USDT) and fiat currencies similar the euro.
Announcing the quality connected Oct. 16, Coinbase said that the trading pairs’ removals purpose to amended “overall marketplace wellness and consolidate liquidity.” The trading pairs were removed from the Coinbase speech and different platforms similar Advanced Trade and Coinbase Prime astatine 19:30 UTC connected Oct. 16.
80 non-USD trading pairs that were removed from Coinbase connected Oct. 16. Source: Coinbase StatusThe latest trading pairs’ removals connected Coinbase travel successful enactment with the exchange’s plans to suspend the markets announced successful aboriginal October. Coinbase emphasized that users of the affected platforms tin inactive commercialized the markets successful its “more liquid USD bid books” by utilizing the exchange’s USDC (USDC) balances.
“Please enactment these markets marque up an immaterial magnitude of Coinbase Exchange’s full trading volume,” the speech noted.
@CoinbaseExch regularly monitors the markets connected our exchange. In an effort to amended wide marketplace wellness and consolidate liquidity, we volition beryllium removing a fig of non-USD trading pairs for definite supported assets.
— Coinbase Exchange ️ (@CoinbaseExch) October 2, 2023Coinbase has been suspending trading pairs connected its platforms to amended liquidity for a while. The speech removed different 41 non-USD markets successful mid-September, citing the aforesaid reasons. While Coinbase removed aggregate USDT-containing trading pairs, nary of the suspended markets included USDC, a stablecoin co-developed by Coinbase and Circle.
Related: Securities regulators reason peculiar attraction of crypto successful Coinbase case
Coinbase’s ongoing measures to amended liquidity travel amid the exchange’s trading volumes tanking this year. According to the cryptocurrency marketplace information supplier CCData, Coinbase’s spot trading volumes for the 3rd 4th plummeted 52% since past year.
Other large cryptocurrency exchanges similar Binance person besides seen their spot marketplace stock dominance falling this year. According to CCData, Binance’s spot marketplace stock fell for a seventh consecutive month successful September 2023, tumbling from 55% successful aboriginal 2023 to 34% successful September 2023.
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