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ByBit, a prominent cryptocurrency exchange favored by many cryptocurrency enthusiasts, has recently issued a delisting announcement affecting 10 altcoins. This significant move suggests that these altcoins will soon be removed from the platform. While the removal of digital assets by large, centralized exchanges can lead to short-term volatility, the long-term implications tend to be negative, affecting the liquidity and trading volume of the delisted assets.
October 19 Altcoin Delisting Announcement
ByBit’s announcement regarding the delisting of 10 cryptocurrencies is uniform for all the affected digital assets, demanding attention from investors. Specifically, traders holding positions in these soon-to-be-removed altcoins in the futures market are advised to close their positions by 2:00 PM (UTC) on October 21. This deadline places pressure on investors to make timely adjustments to their portfolios.
The market reaction has been varied, with certain altcoins showing noticeable price movements following the announcement. BDXN saw an 8% drop, settling to a 3% decrease, while NODE experienced a decline of over 5%. Unexpectedly, AGT defied the trend, witnessing a 15% increase, showing relative immunity to the news.
Other digital assets like FIS did not display any marked reaction to the delisting news. Similar to FIS, DMC seemed unaffected, maintaining its course despite the sweeping changes in the exchange’s trading platform.
In contrast, several altcoins like SKATE and FHE suffered price drops of 4%, whereas GORK experienced a more dramatic reaction, creating a 13% spike. Likewise, SCA saw a modest 2% decrease, while MAJOR recorded a 4.3% decline in value.
This ongoing trend of “cleanup” actions by exchanges signals the potential for further delisting announcements, particularly for altcoins experiencing liquidity challenges in the increasingly competitive market landscape. As the trading environment evolves, exchanges are pushed to ensure compliance and maintain liquidity, sometimes at the cost of smaller altcoins.
