Coinbase Suspends 80 Non-USD Pairs

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The Coinbase cryptocurrency exchange is orchestrating the removal of numerous trading pairs, orchestrating this maneuver to enhance liquidity across its expansive platforms. Hailing from the United States, the Coinbase cryptocurrency exchange is systematically shedding itself of dozens of trading pairs, a strategic move to augment liquidity within its multifaceted platform. An action resonating with significance, Coinbase has halted 80 non-USD trading pairs, a mix involving cryptocurrencies like the eminent Bitcoin and fiat currencies such as the euro.

In a proclamation made on the 16th of October, Coinbase articulated that this extraction of trading pairs is a calculated effort to elevate the “overall market health” and streamline liquidity. This cleansing process extended its reach beyond the confines of the Coinbase exchange, impacting platforms like Advanced Trade and Coinbase Prime, initiating at 19:30 UTC on October 16. These recent eliminations harmonize with Coinbase’s antecedent intention to suspend markets, an agenda set forth at the inception of October.

Coinbase underlines that despite these alterations, users on the affected platforms retain the capacity to navigate markets within its “more liquid USD order books,” harnessing the power of the USD Coin (USDC) balances pegged at $1.00. A subtle reminder follows, cautioning that these affected markets constitute a negligible portion of Coinbase Exchange’s overall trading volume—a point worth noting, indeed.

The narrative of Coinbase suspending trading pairs echoes through time, with this recent development following the removal of 41 non-USD markets in mid-September. In a recurrent refrain, the reasoning echoes: enhancing liquidity. It’s noteworthy that while Coinbase pruned several trading pairs containing USDT, the stablecoin developed in collaboration with Circle, none of the paused markets featured USDC.

Coinbase’s ongoing strides to enrich liquidity unfurl against the backdrop of its trading volumes undergoing a considerable downturn this year. According to CCData, a cryptocurrency market data provider, Coinbase’s spot trading volumes in the third quarter nosedived by 52% since 2022—a significant decline. It’s a symphony resonating across the industry, as even major cryptocurrency exchanges like Binance witness a decline in their spot market share dominance. CCData’s insights reveal a seventh consecutive monthly fall for Binance in September 2023, plummeting from an early 2023 high of 55% to a diminished 34% in September 2023. The tides of change continue to shape the cryptocurrency landscape.

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