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Coinbase, known for its frequent listings and delistings, appears to be making another significant move. Amid a clear market downturn, especially for Bitcoin, Coinbase’s delisting announcement has caused a stir. Three cryptocurrencies will be delisted, and another will be suspended in the New York region.
Coinbase and the Delisting Move
It is known that delisting announcements from major cryptocurrency exchanges like Binance and Coinbase can significantly impact altcoin prices. These moves by exchanges have been seen to trigger price drops.
Recently, Coinbase made important announcements, stating that trading for some cryptocurrencies would be suspended. The first announcement from the exchange was as follows:
We regularly monitor the assets on our exchange to ensure they meet our listing standards. Based on recent reviews, we will suspend trading for Circuits of Value (COVAL), Rai (RAI), and Wrapped Ampleforth (wAMPL) on July 19, at or around 2:00 PM ET. Trading will be suspended on Coinbase.com (Simple and Advanced Trade), Coinbase Exchange, and Coinbase Prime. We have moved COVAL, RAI, and wAMPL order books to limit-only mode. Limit orders can be placed and canceled, and matches may occur.
Following this move by Coinbase, altcoin prices dropped. COVAL’s price fell over 8.66% to $0.01654. RAI’s price also dropped to $2.81 after the announcement. Lastly, the price of wAMPL fell to $26 after an 8% drop.
Synthetix (SNX) Faces New York Suspension
Another development occurred in New York. Due to certain conditions, Coinbase announced that Synthetix’s trading would be suspended within the specified boundaries.
This news also affected the price of SNX. As of the time of writing, SNX’s price fell by 7% to $1.88. The market cap for SNX is around $616 million. The 24-hour trading volume for SNX increased by 71% following the news, reaching $43.9 million.
