Coinbase Removes 80 Non-USD Trading Pairs to Enhance Liquidity
Crypto News – Coinbase, a prominent cryptocurrency exchange based in the United States, is actively removing numerous trading pairs to boost liquidity on its platform. Specifically, Coinbase has suspended trading for 80 non-USD pairs, encompassing cryptocurrencies such as Bitcoin, stablecoins like Tether, and fiat currencies like the euro.
The announcement regarding the removal of these trading pairs was made by Coinbase on October 16. The main objective behind this move is to enhance the overall health of the market and consolidate liquidity. These trading pairs were delisted from the Coinbase exchange as well as other affiliated platforms like Advanced Trade and Coinbase Prime, effective from 19:30 UTC on October 16.
This recent removal of trading pairs aligns with Coinbase’s earlier plans to suspend certain markets, as communicated in early October. Coinbase reassured users on the affected platforms that they can continue trading these markets within the exchange’s more liquid USD order books, utilizing their USD Coin balances.
Coinbase has been strategically suspending trading pairs over a period to augment liquidity. The exchange had previously removed 41 non-USD markets in mid-September, citing similar reasons. Notably, the suspended markets did not include USDC, a stablecoin co-developed by Coinbase and Circle.
Coinbase’s ongoing efforts to enhance liquidity coincide with a decline in the exchange’s trading volumes this year. As per data from cryptocurrency market provider CCData, Coinbase’s spot trading volumes witnessed a significant 52% decline in the third quarter since 2022.
This trend of declining market share and trading volumes is not unique to Coinbase, as other major cryptocurrency exchanges like Binance have also experienced a reduction in their spot market dominance throughout the year. According to CCData, Binance’s spot market share witnessed a consecutive seventh-month decrease in September 2023, dropping from 55% in early 2023 to 34% in September 2023.
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