The prominent crypto exchange Poloniex has made a big decision to delist 23 trading pairs from its platform. San Francisco based exchange tweeted on 15th August that they are planning to delist the trading pairs on 16th August due to the low volume trading of these pairs.
The same situation happened at the start of 2019 when Poloniex decided to stop the trading of Bytecoin (BCN), Gas (GAS), Augur (REP), Omni Layer (OMNI), Lisk (LSK), Nxt (NXT), Ardor (ARDR) and Decred (DCR). The reason behind this initiative was the strict environment enforced by the US regulators said by the platform.
But this time, the reasons behind this proclamation is due to Low volume trading of these tokens and most of the trading pairs are backed by Ethereum. After this removal, these digital assets will trade independently and separately on Poloniex.
We will be removing 23 trading pairs on August 16, 2019, due to low volume. Note that each asset will continue to be independently tradable.
— Poloniex Exchange (@Poloniex) August 15, 2019
The Reaction of the Crypto Traders
This leads to the chaos among the traders, investors, and founders of these coins and received a lot of criticism on Twitter. As the LTC/XMR is also affected; Charlie Lee, the founder of Litecoin react with sadness to the tweet by tweeting” No more LTC/XMR.’’
Also read:There are feelings of sadness among the fans of Poloniex as shown by their tweets.
Image Source: Twitter
But some analysts are claiming that it is due to the market share of the exchange that has reached to extreme low-level triggering Poloniex to make this terrible decision. According the latest report by The Block’s research, the share of exchange in the market has decreased to only 1.1% while the market share of Binance is 56%.
This comparison is clearly showing the current position of the platform that is plummeting at a very dangerous level. Although, in an attempt to cover up the losses in the market place, it started to trade fiat-to-fiat currencies.
What do you think about this delisting? Let us know in the comment section.
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