Coinbase News: In a recent turn of events, Coinbase Global, the largest trading platform for digital assets in the U.S., announced that it would be suspending the trading of six major cryptocurrencies from its platform. This comes after a routine internal review was carried out by the exchange for the month of March.

Coinbase Delists 6 Major Altcoins

In a recent tweet, Coinbase publicly stated that they periodically monitor the assets on the exchange to ensure they fulfill their listing standards. As a result of this assessment as well as subsequent reviews, the exchange has therefore come to the conclusion of suspending the trade of six altcoins which include Rally (RLY), DFI Money (YFII), Mirror (MIR), OMG Network (OMG), Loom Network (LOOM), & Augur (REP).

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According to the crypto exchange, trading will be suspended across all levels of trading, including basic and advanced levels, and across all platforms, including Coinbase Pro, Coinbase Exchange, and Coinbase Prime. Despite this, customers will continue to have access to the funds they have on deposit, and will be able to make withdrawals whenever they choose to. The date of March 29, 2023 has been selected as the exact moment when the suspension will take effect.

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.

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— Coinbase Assets (@CoinbaseAssets) March 15, 2023

Price Reaction To Coinbase News

In response to the Coinbase delisting news, prices for all six cryptocurrencies experienced a substantial decline. Within a matter of minutes, Augur, which boasts a market cap of $91 million witnessed a sharp fall of 2%, and is currently trading at $8.2.

On the other hand, DFI Money and OMG Network suffered a similar drop of 1% and 1.12%, respectively, within the same time frame. Meanwhile, the native token of the Loom Network, LOOM, outperformed the other tokens by increasing 0.25% in the past half an hour.

Also Read: Bitcoin’s Price Raises Concern As Market Stands Divided On Upcoming Interest Rate Hike

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Pratik has been a crypto evangelist since 2016 & been through almost all that crypto has to offer. Be it the ICO boom, bear markets of 2018, Bitcoin halving to till now – he has seen it all.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.