The poloniex wallets got emptied after the Circle acquisition of the company and the spinoff of the exchange’s business, leaving the US market has led to an exodus of deposits from the market’s wallets and we are about to read more in the upcoming altcoin news.
Both Bitcoin and Ethereum Poloniex wallets were rapidly emptied as the traders moved their coins to other markets. The decision to stop serving US clients was the main reason for the need to withdraw. However, the supply of the coins was already diminishing at the time when the company acquired the exchange. The platform lost a lot of traders buy attrition and faced both technical problems and regulatory issues as well.
Poloniex was one of the very first exchanges that survived for years while the entire crypto space was largely unregulated. The exchange became most popular for suffering a lot of outages and disrupted trading and even in 2019, the exchange faced losses based on the volatile market for the CLAMS coin which decreased the liquidations of the BTC collateral. The exchange pissed off the traders by socializing the lost amount of 1,800 BTC since all of the funds are not still repaid which is also another reason for the holders to move out. The funds stored on the exchanges are not safe and the socializing losses are an unexpected risk.
Poloniex also started delisting a lot of the coins because of low liquidity. However, the latest decision of the exchange to delist DigiByte caused a scandal in the crypto community. The delisting of the coin caused a commotion among the DigiByte community as well and could be considered as another factor for the massive outflow from the exchange. The latest actions of Poloniex suggest that it has now dedicated the market to support the TRON ecosystem.
The exchange is one of the bigger carriers of TRON-based Tether and it even opened up to listing TRC-20 tokens. The exchange currently carries around $44 million in daily trading which is a dramatically low range for international exchange. The market operator now competes with some of the other targeted markets or to regions with more favorable regulations. There are still 98 trading pairs on the exchange after the major delistings in 2018.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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