Understanding Poloniex’s Decision
San Francisco’s own cryptocurrency exchange Poloniex has decided to cut ties with a whopping 23 trading pairs on August 16, 2019, citing low volume as the culprit. Yes, this means less trading chaos, folks! But don’t fret, as each asset will still be available for trading independently on the platform.
Which Trading Pairs Are on the Chopping Block?
Here’s the comprehensive list of trading pairs that Poloniex is bidding adieu to:
- LTC/XMR
- DASH/XMR
- ZEC/XMR
- MAID/XMR
- NXT/XMR
- BCN/XMR
- LSK/ETH
- GNT/ETH
- MANA/ETH
- QTUM/ETH
- STEEM/ETH
- OMG/ETH
- LOOM/ETH
- SNT/ETH
- CVC/ETH
- KNC/ETH
- GAS/ETH
- BNT/ETH
- LOOM/USDT
- SNT/USDT
- KNC/USDT
- BNT/USDT
- FOAM/USDC
Poloniex’s Previous Actions
This isn’t the first time Poloniex has trimmed its trading pairs. Earlier in May, they announced they would cease trading for several assets, including Ardor (ARDR) and GameCredits (GAME), primarily due to the swirling uncertainties within the U.S. regulatory environment. They weren’t sure if those cryptocurrencies would be deemed securities by the powers that be. Now that sounds like a lawsuit waiting to happen!
Coinbase Pro Joins the Fray
Not to be left in the dust, Coinbase Pro decided to launch a different approach on August 5, announcing that its XTZ/USD and XTZ/BTC trading pairs would soon shift to transfer-only mode. Hold your horses, though—no placing or filling orders until further notice! At least 12 hours of waiting just to snag some XTZ sweetens the deal, right?
What Does This Mean for Traders?
For traders, such changes can feel like a rollercoaster ride. While some may see these removals as a chance to streamline their portfolios, others might feel the sting of suddenly lost trading opportunities. This market is as unpredictable as the weather in San Francisco, so if there’s anything to take away, it’s to adapt quickly and stay informed!
