Cryptocurrency exchange Coinbase has decided to remove 6 altcoin projects from the list on the grounds that they do not meet the criteria after the review.
De-list decision for 6 altcoins from Coinbase
Coinbase, one of the leading cryptocurrency exchanges, announced today that after the review, it did not meet the listing standards, on March 29, 2023, Rally (RLY), DFI Money (YFII), Mirror (MIR), OMG Network (OMG), Loom Network. (LOOM) and Augur (REP) announced that it will suspend trading. Accordingly, Coinbase made the following announcement on its official Twitter account:
We regularly monitor assets on our exchange to ensure they meet our listing standards. Based on recent reviews, we will suspend trading in Rally (RLY), DFI Money (YFII), Mirror (MIR), OMG Network (OMG), Loom Network (LOOM), and Augur (REP) on March 29, 2023.
We regularly monitor the assets on our exchange to ensure they meet our listing standards. Based on recent reviews, we will suspend trading for Rally (RLY), DFI Money (YFII), Mirror (MIR), OMG Network (OMG), Loom Network (LOOM), & Augur (REP) on March 29, 2023.
— Coinbase Assets (@CoinbaseAssets) March 15, 2023
Coinbase has stated that transactions will be suspended at or around 7 PM CEST on Coinbase Pro, Coinbase Exchange, and Coinbase Prime. However, he stated that users will continue to have access to their money and they will continue to have the ability to withdraw their funds whenever they want.
Prices of altcoins fell sharply after the de-list string
As you follow on Kriptokoin.com, just as the listing decisions of crypto money exchanges create a doping effect for the price of the relevant token, de-list decisions have the opposite effect. Rally (RLY) price saw a vertical drop after Coinbase’s delisting decision. At press time, the altcoin was down nearly 20% on a daily basis to $0.01476.
RLY daily price chart / Source: CoinMarketCapDFI Money (YFII) price, on the other hand, dropped 4% on a daily basis to $1,125 amid a positive market mood, though not as hard as RLY. However, the Mirror Protocol (MIR) price has also fallen sharply. At press time, the altcoin has lost 17% on a daily basis.
MIR daily price chart / Source: CoinMarketCapAnother unfortunate altcoin was OMG Network (OMG). At press time, the OMG price has dropped over 10% in the last 24 hours. The altcoin was currently trading at $1.34.
OMG daily price chart / Source: CoinMarketCapLoom Network (LOOM) also suffered the same fate as OMG Network. Coinbase’s unlisted altcoin has lost about 10% on a daily basis. Augur (REP) seems to be least affected by the de-listed altcoins. The daily loss of REP is 2.5%. However, considering that the price of the altcoin was in the green zone during the day, its decline with this loss is still close to the vertical.
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