Coinbase Removes Trading Pairs to Increase Liquidity
Coinbase has removed dozens of cryptocurrency trading pairs as a way to improve liquidity for its trading platforms. According to the latest media reports, Coinbase has removed dozens of cryptocurrency trading pairs as a way to increase the total liquidity on the network.
On this account, the exchange has removed around 80 non-USD trading pairs that include tokens such as Bitcoin, Tether, and other fiat currencies such as euro. The firm claimed that the company has decided to improve the market health and the liquidity situation.
The exchange removed these trading pairs from Coinbase forums such as Advanced Trade and Coinbase Prime. On this account, the firm has confirmed that it will suspend the markets that were introduced during the beginning of the ongoing year.
Coinbase has retained that users on the platforms that have the removed tokens in their accounts will be able to trade them with more liquid USD order books via USDC stablecoin swaps. The enterprise has noted that the trading platforms account for a conservative share of the total trading volume of Coinbase.
Coinbase Takes Important Measures to Improve Liquidity
Coinbase exchange has informed the users that the firm has continued to suspend trading pairs on the forum in order to increase liquidity. The firm noted that an additional set of 41 non-USD trading pairs were removed during the middle of September citing similar concerns around liquidity.
However, none of the trading token pairs removed by Coinbase had USDC stablecoin which is issued by Coinbase and Circle. Coinbase intends to increment the liquidity while the trading volume continues to dwindle.
Data projections provided by virtual currency analytics firm CCData indicates that the spot trading volume for Coinbase decreased in the third quarter by 52% in comparison to last year. Meanwhile, exchange platforms such as Binance have also experienced a visible decrement in the spot market trading volume for the ongoing year.
CCData reported that spot market share of Binance continued to drop in the 7th consecutive month. At the start of the year, the firm reported 34% decline that reached 55% during September.
Coinbase and OKX Issue Blockchain Gaming Token Called BIGTIME
Coinbase and OKX recently introduced a new token from the blockchain gaming sector called BIGTIME. The coin has surged 71% since its debut. This token is developed by high-end gaming project developers who worked on projects such as Fortnight, Call of Duty, and World of Warcraft.
This is a RPP gaming platform where players can choose different in-game characters. At the same time, the players can trade and create new digital tokens in the form of NFTs.
The project has gained millions in dollars in funding since 2021. Some of the top backers of the game are Galaxy Digital, Coinbase Ventures, and Animoca. The project has listed various NFT collections on Binance NFT marketplace.
The project is now working with OKX exchange that listed the token for spot traders. The token gained 71% price appreciation within few hours of listing on Coinbase. The firm has reported that the trading volume for the token is around $22 million.
The players of the Big Time trading platform can travel between various realms and eras with features such as avatar personalization and acquire in-game items.