The results of the March internal review conducted by the exchange led to the delisting.
The date of suspension has been set as March 29, 2023.
The biggest U.S.-based digital asset trading platform, Coinbase, recently stated that it will be stopping trading in six cryptocurrencies. According to the results of the March internal review conducted by the exchange, this is the case.
For the record, Coinbase has recently tweeted that it conducts frequent reviews of the assets listed on the platform to verify they continue to meet their listing requirements.
Rally (RLY), DFI Money (YFII), Mirror (MIR), OMG Network (OMG), Loom Network (LOOM), and Augur (REP) have all had their trading on the exchange suspended as a consequence of this analysis, and subsequent evaluations.
Price Falls Post Announcement
The crypto exchange has announced the suspension of trading activity across all platforms and trading tiers (including Coinbase Pro, Coinbase Exchange, and Coinbase Prime). Yet despite this, users may always take their money from their accounts. The precise time when the suspension would go into effect has been set as March 29, 2023.
The delisting of cryptocurrencies from Coinbase coincided with a sharp drop in value for all six cryptocurrencies. Augur, which has a market worth of $91 million, had a precipitous 4% drop and is now trading at $8.25.
Nevertheless, DFI Money and OMG Network also had a decline of 7% and 11.26%, respectively. In the meanwhile, LOOM, the native token of the Loom Network, has decreased by 9 percent in the last 24 hours as per data from CMC.
It’s a common phenomenon that when a token is listed on an exchange, the price surges as investors are excited and optimistic. Similarly, when a token is delisted, the price falls.