America-based cryptocurrency change Coinbase is eradicating dozens of buying and selling pairs as a way to enhance liquidity on its platform.
Coinbase has suspended 80 non-USD buying and selling pairs, together with these with cryptocurrencies like Bitcoin (BTC), stablecoins like Tether (USDT) and fiat currencies just like the euro.
Asserting the information on Oct. 16, Coinbase mentioned that the buying and selling pairs’ removals purpose to enhance “total market well being and consolidate liquidity.” The buying and selling pairs have been faraway from the Coinbase change and different platforms like Superior Commerce and Coinbase Prime at 19:30 UTC on Oct. 16.
The newest buying and selling pairs’ removals on Coinbase align with the change’s plans to droop the markets introduced in early October. Coinbase emphasised that customers of the affected platforms can nonetheless commerce the markets in its “extra liquid USD order books” by utilizing the change’s USD Coin (USDC) balances.
“Please observe these markets make up an immaterial quantity of Coinbase Alternate’s whole buying and selling quantity,” the change famous.
@CoinbaseExch commonly screens the markets on our change. In an effort to enhance total market well being and consolidate liquidity, we shall be eradicating numerous non-USD buying and selling pairs for sure supported belongings.
— Coinbase Alternate ️ (@CoinbaseExch) October 2, 2023
Coinbase has been suspending buying and selling pairs on its platforms to enhance liquidity for some time. The change eliminated one other 41 non-USD markets in mid-September, citing the identical causes. Whereas Coinbase eliminated a number of USDT-containing buying and selling pairs, not one of the suspended markets included USDC, a stablecoin co-developed by Coinbase and Circle.
Associated: Securities regulators oppose particular therapy of crypto in Coinbase case
Coinbase’s ongoing measures to enhance liquidity come amid the change’s buying and selling volumes tanking this yr. In response to the cryptocurrency market knowledge supplier CCData, Coinbase’s spot buying and selling volumes for the third quarter plummeted 52% since 2022.
Different main cryptocurrency exchanges like Binance have additionally seen their spot market share dominance falling this yr. In response to CCData, Binance’s spot market share fell for a seventh consecutive month in September 2023, tumbling from 55% in early 2023 to 34% in September 2023.
Journal: The Reality Behind Cuba’s Bitcoin Revolution: An on-the-ground report
