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Coinbase unexpectedly suspended trading for six tokens—BOND, DDX, JUP, MULTI, OOKI, and VGX—effective September 6, 2023, after they failed to meet the platform's stringent listing criteria, sparking significant market reactions.
This move marks a significant shift for these assets as they will no longer have access to key services provided by Coinbase, including Simple and Advanced Trade functionalities and the renowned Coinbase Pro, Coinbase Exchange, and Coinbase Prime platforms.
The decision to delist these assets comes as Coinbase strives to uphold the highest quality standards associated with the tokens it lists. A meticulous review of each asset revealed they fell short of the exchange's stringent listing criteria, leading to their suspension.
Coinbase's official announcement states that the trading suspension for these assets will commence on September 7, giving stakeholders approximately two weeks to adapt to the impending changes. The news spread rapidly across various online platforms, garnering thousands of views and likes on Twitter within a remarkably short period.
This period signifies that the affected assets will no longer benefit from certain core services offered by Coinbase, such as Simple and Advanced Trade, Coinbase Pro, Coinbase Exchange, and Coinbase Prime.
Following Coinbase's announcement, the market witnessed significant price drops for the delisted assets. BOND, DDX, JUP, OOKI, VGX, and MULTI experienced plunges of 5.1%, 24%, 16%, 0.5%, 6%, and 0.7%, respectively.
Multichain, in particular, has compounded its challenges with this delisting. The project has been grappling with ongoing issues, including the arrest of its CEO and the closure of its bridge following a loss of over $109 million in cryptocurrency. A substantial portion of the crypto community perceives MULTICHAIN as an abandoned endeavor.
Market analysts anticipate that the suspension of these assets by Coinbase will have far-reaching effects on their long-term viability and market stability. Traders and investors are advised to reassess their portfolios and adapt their strategies accordingly as the cryptocurrency market landscape evolves.
Photo: Kelly Sikkema/Unsplash
