Coinbase suspends 80 non-USD trading pairs to improve liquidity

The US-based cryptocurrency change Coinbase is eradicating dozens of trading pairs so as to improve liquidity on its platform.

Coinbase has suspended 80 non-USD trading pairs, together with these with cryptocurrencies like Bitcoin (BTC), stablecoins like Tether (USDT) and fiat currencies just like the euro.

Announcing the information on Oct. 16, Coinbase mentioned that the trading pairs’ removals goal to improve “general market well being and consolidate liquidity.” The trading 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 trading pairs’ removals on Coinbase align with the change’s plans to droop the markets introduced in early October. Coinbase emphasized 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 Change’s whole trading quantity,” the change famous.

@CoinbaseExch commonly displays the markets on our change. In an effort to improve general market well being and consolidate liquidity, we will probably be eradicating numerous non-USD trading pairs for sure supported property.

— Coinbase Change ️ (@CoinbaseExch) October 2, 2023

Coinbase has been suspending trading pairs on its platforms to improve liquidity for some time. The change removed one other 41 non-USD markets in mid-September, citing the identical causes. Whereas Coinbase eliminated a number of USDT-containing trading pairs, not one of the suspended markets included USDC, a stablecoin co-developed by Coinbase and Circle.

Associated: Securities regulators oppose special treatment of crypto in Coinbase case

Coinbase’s ongoing measures to improve liquidity come amid the change’s trading volumes tanking this yr. In accordance to the cryptocurrency market information supplier CCData, Coinbase’s spot trading 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 accordance 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.

Collect this article as an NFT to protect this second in historical past and present your help for unbiased journalism within the crypto area.

Journal: The Truth Behind Cuba’s Bitcoin Revolution: An on-the-ground report