US-based cryptocurrency exchange Coinbase is removing dozens of trading pairs to increase liquidity on its platform.
Coinbase has suspended 80 non-USD trading pairs, including those for cryptocurrencies such as Bitcoin (BTC), stablecoins such as Tether (USDT), and fiat currencies such as the euro.
declare According to news on October 16, Coinbase stated that the purpose of delisting trading pairs is to improve “the overall market health and consolidate liquidity.” These transactions were removed from the Coinbase exchange and other platforms such as Advanced Trade and Coinbase Prime on October 16 at 19:30 UTC.
The latest removal of trading pairs on Coinbase is consistent with the exchange’s plans to suspend the market announced in early October.Coin Library emphasize Users of the affected platforms can still use the exchange’s USD Coin (USDC) balances to trade the market in its “more liquid USD order book.”
“Please note that these markets represent only a small portion of Coinbase Exchange’s total trading volume,” the exchange noted.
@CoinbaseExch Markets on our exchange are regularly monitored. To improve overall market health and consolidate liquidity, we will be removing some non-USD trading pairs for certain supported assets.
— Coinbase Exchange️ (@CoinbaseExch) October 2, 2023
Coinbase has suspended trading pairs on its platform for a period of time to increase liquidity.change deleted In mid-September, another 41 non-USD markets were investigated for the same reasons. Although Coinbase removed multiple trading pairs containing USDT, none of the suspended markets included USDC, the stablecoin jointly developed by Coinbase and Circle.
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Coinbase continues to take steps to improve liquidity, while the exchange has seen a significant drop in trading volume this year. According to cryptocurrency market data provider CCData, Coinbase’s third-quarter spot trading volume plummeted 52% since 2022.
Other major cryptocurrency exchanges such as Binance have also seen their spot market share dominance decline this year. Data from CCData shows that Binance’s spot market share fell for the seventh consecutive month in September 2023, falling from 55% at the beginning of 2023 to 34% in September 2023.
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