Bitfinex just removed more than 85 trading pairs due to low liquidity and this move only shows the increasing competition in the crypto space the could spike the next market volatility phase. Let’s learn more about it in the following crypto news.
Bitfinex just removed 87 trading pairs as per the announcement and some of the platforms will be entirely deleted from the exchange while others will only lose their pairings. Some will even see pairing reorganization and the coins of the chopping block include Raiden Network, Zilliqa, and Bancor. Verge will have 2 major fiat trading pairs stripped including the EURO and the Pound Sterling. Bitfinex is known for having a lot of trading pairs which played an important role in the success of the exchange. However, the volume dropped over the past two years and the exchange is now getting less popular among traders. Removing the coins that underperform makes sense in this situation.
The removal of the trading pairs will serve to show and improve liquidity on the exchange which will lead to a streamlined trading experience for the users. This could be related to the fact that Bitfinex is losing the support of the entire crypto community and it still continues to maintain strict privacy over the key operations. This position could prove to be unsustainable while Binance has been actively working on gaining legitimacy between regulators and governments, making transparency a priority by moving forward with the trends.
The delisting of the coins is happening on other platforms as well. Crypto advocates agree that many of these platforms will fail eventually so getting cut from the exchanges will only start the process. Other notable exchanges such as Bittrex and Poloniex have been dropping altcoins as well. There’s no question that the blockchain technology will soon become adopted more than it is now and the true test for any platform is not the market cap or the exchange listings. Success will happen only with real-world adoption but other altcoins will fail this basic criterion. Few experienced slight interest by established institutions while fewer offer blockchain solutions that cannot be actually used by their larger rivals.
On other note, the larger number of coins that are similar to bitcoin managed to make impressive market caps because of the early investor wave of interest.
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