- They include the euro and other fiat currencies, Bitcoin, Tether
- The exchange eliminated 41 non-USD pairs to improve liquidity in September
US-based cryptocurrency exchange Coinbase has removed 80 trading pairs from its offerings in order to improve liquidity on its platform, Cointelegraph wrote. They include those with the euro and other fiat currencies, cryptocurrencies like Bitcoin, and stablecoins like Tether.
Exchange claims “immaterial” share of trading volume
Coinbase announced the news on October 16, stating that it would remove the trading pairs to consolidate liquidity and improve “overall market health.” It removed them from the exchange as well as Coinbase Prime, Advanced Trade, and other platforms at 19:30 UTC on October 16.
The exchange made a preliminary announcement of its plans early this month. At the time, it pointed out that users of the pairs could use its USD Coin to continue trading the markets in its “more liquid USD order books.” It noted that the affected markets accounted for “an immaterial amount” of the exchange’s total trading volume.
They removed another 41 markets last month
Coinbase has been removing trading pairs from its platforms for the same reason for some time. They eliminated another 41 non-USD pairs to improve liquidity in mid-September. USD Coin, which Circle and Coinbase developed jointly, has been absent from the eliminated trading pairs. Tether has not been spared.
Coinbase’s trading volume fell by 52% this quarter
Coinbase’s trading volumes have been plummeting this year, which has necessitated the ongoing measures to improve liquidity. According to CCData, whose cryptocurrency market data Cointelegraph cites, the exchange’s spot trading volumes dropped by 52% year on year in the third quarter of 2023.
Coinbase is not alone in this situation. Other leading cryptocurrency exchanges, like Binance, have also witnessed their spot market trading volumes fall this year. According to data from CCData, Binance’s respective share declined for seven months in a row last month. It dropped from 55% of the total market at the beginning of the year to just 34% in September 2023.
