Coinbase, a major U.S.-based cryptocurrency exchange, is set to suspend trading for 80 non-USD trading pairs on its platform starting from October 16. This change will impact popular cryptocurrencies like Arpa Network (ARPA), Band Protocol (BAND), Badger (BADGER), and Sushiswap (SUSHI), among others.
It’s important to note that Coinbase is not removing these assets from its platform; instead, it means users will no longer be able to trade these assets against currencies like BTC, USDT, GBP, EUR, and others that were previously supported by Coinbase.
Coinbase explained that this move is part of its efforts to “improve market health and consolidate liquidity on its platform.” As a result, Coinbase Advanced Trade users will still be able to trade these assets using USDC held in their accounts.
Additionally, this decision appears to be aligned with Coinbase’s strategy to promote the adoption of USDC, a stablecoin. This effort comes shortly after Coinbase acquired a further stake in Circle, the issuer of USDC. Coinbase Advanced Trade users will have the option to unify their accounts with USDC, allowing them to use the stablecoin like USD deposits on the platform.
This action from Coinbase underscores the challenging conditions in the cryptocurrency market in recent years, often referred to as the “crypto winter.” Although the market has seen some recovery in the past week, liquidity remains a concern, particularly for smaller-cap altcoins.
Data from TheBlock indicates that the cryptocurrency market achieved a monthly trading volume of $4.1 trillion during its peak in May 2021. However, in September 2023, this figure dropped significantly to just $311 billion. Lawsuits against major cryptocurrency exchanges like Coinbase and Binance earlier in the year further contributed to reduced liquidity and trading activity.
Despite these challenges, some analysts believe that the crypto market has already hit its bottom and is entering the early stages of a new bull market, which may bring renewed enthusiasm and activity.
By FCCT Editorial Team
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