The lack of volume in the cryptocurrency markets has caused investors to shift to the stock markets. Due to the low volatility of Bitcoin, demand for altcoins has significantly weakened. The cumulative transaction volume, which dropped to 16 billion dollars over the weekend, is now at 27 billion dollars. Exchanges have only one solution left.
Coinbase Altcoin Announcement
Coinbase, the largest cryptocurrency exchange in the United States, announced that it will remove USDT and EURO pairs for 5 altcoins in its latest announcement. Coinbase and Binance made similar moves in recent days. Even BtcTurk exchange removed all BTC pairs for the same reason, which is the lack of volume. Coinbase wrote the following in its latest announcement;
“To consolidate liquidity, we will remove a set of trading pairs for specific supported assets. The following pairs will be removed on August 15, 2023 at 09:00 Turkish Time;
ALCX-EUR, API3-USDT, COVAL-USDT, FOX-USDT, and POLY-USDTâ€
POLY continues its day with a 1.5% decrease and its transaction volume is only at 31,000 dollars. This example also shows us which altcoins may not survive the bear market.
An altcoin traded on major exchanges with only a 30,000 dollar transaction volume. Such low volumes indicate that interest is dying out and exchanges may completely delist the altcoin (if it continues to stay at these levels). Of course, this is a leading signal for investors.
