In a surprising turn of events, Coinbase, a leading cryptocurrency exchange, has revealed its decision to suspend trading activities for six different crypto assets, effective from September 6, 2023, at 9 AM PT. This move has sparked significant interest and speculation within the crypto community and beyond.
The six tokens facing suspension include BarnBridge (BOND), DerivaDAO (DDX), Jupiter (JUP), Multichain (MULTI), Ooki (OOKI), and Voyager (VGX). This announcement, which came directly from Coinbase, has left many traders and investors curious about the reasons behind this sudden decision.
According to Coinbase’s official statement, regular evaluations of listed assets are carried out to ensure they adhere to the platform’s stringent listing standards. Based on recent reviews, the exchange has concluded that the mentioned assets fail to meet these standards. As a result, trading of these assets will be suspended starting September 6, 2023, around 9 AM PT.
This suspension will impact the availability of several core services that these assets currently enjoy on the exchange. These services include Simple and Advanced Trade options, Coinbase Pro, Coinbase Exchange, and Coinbase Prime. Users and stakeholders of these cryptocurrencies will have to adapt to the change and explore alternative options for their trading activities.
The suspension, as outlined in the official release, will officially commence on September 7th, a date that is approximately two weeks from the time of the announcement. This period allows users ample time to make the necessary adjustments to their portfolios and trading strategies.
Coinbase’s decision has not gone unnoticed, garnering significant attention across various online platforms. Within hours of the announcement, social media platforms like Twitter were abuzz with discussions surrounding the topic, resulting in thousands of views, likes, and retweets.
This strategic move aligns with Coinbase’s unwavering commitment to upholding high-quality standards for all assets listed on its platform. The exchange’s thorough review process has led to the conclusion that the assets in question do not meet the required listing standards, prompting the suspension action.
The aftermath of the announcement was marked by notable price fluctuations for the suspended assets. BOND, DDX, JUP, OOKI, VGX, and MULTI experienced price drops of 5.1%, 24%, 16%, 0.5%, 6%, and 0.7% respectively. This demonstrates the immediate impact of the announcement on the market’s perception of these cryptocurrencies.
Interestingly, this delisting adds to the series of challenges faced by Multichain (MULTI), which has been grappling with issues such as the arrest of its CEO and the closure of a significant bridge that resulted in a staggering loss of over $109 million worth of crypto assets. As a consequence, there is a growing sentiment within a substantial segment of the crypto community that Multichain’s prospects are grim, effectively labeling it as a project that has lost its momentum.
Coinbase’s decision to suspend trading for six crypto assets has sent ripples through the cryptocurrency market. The affected tokens – BarnBridge (BOND), DerivaDAO (DDX), Jupiter (JUP), Multichain (MULTI), Ooki (OOKI), and Voyager (VGX) – will soon lose access to crucial exchange services. Coinbase’s commitment to maintaining high-quality standards has driven this action, leading to significant price shifts and discussions within the crypto community. As the market adjusts to this decision, the fate of the suspended assets remains uncertain.